By Dave Sims, Commodity News Service Canada
WINNIPEG, October 13 – Canola contracts on the ICE Futures Canada platform were slightly higher Thursday morning, testing upper end resistance and taking support from weather concerns.
Snow, rain and cold weather are beginning to cause deep concern for farmers on the western portion of the Prairies who haven’t gotten the crop off yet, according to an analyst.
Some follow-through buying also was a feature.
However weakness in vegetable oil and the US soy complex limited the gains.
The Canadian dollar is slightly stronger, relative to its US counterpart, which made canola less attractive to foreign buyers.
Harvesting conditions are favourable in the US.
About 14,000 canola contracts had traded as of 8:58 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
