By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 8 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, hitting fresh two-year highs as overnight frost in parts of the Prairies provided support.
Temperatures dipped below the freezing mark across much of Saskatchewan overnight, with parts of Manitoba and Alberta also dealing with lighter frosts.
A steady tone in Chicago Board of Trade soyoil and weakness in the Canadian dollar, which dipped back below 76 U.S. cents, added to the early strength in canola.
However, CBOT soybeans were softer in early activity, which weighed somewhat on values. Seasonal harvest pressure also tempered the advances.
About 8,000 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Nov 508.40 up 4.70
Jan 515.00 up 4.50
Mar 519.60 up 3.90
May 523.80 up 3.10
