Canola inches higher in narrow trade
By Dave Sims, Commodity News Service Canada
WINNIPEG, Sept. 14 (CNS) – Canola contracts on the ICE Futures platform were higher Friday, taking strength from a lower Canadian dollar.
Cold and wet weather in parts of Western Canada continues to delay the harvest, although there are forecasts calling for warmer weather next week.
Slight gains in soybeans and soyoil helped prop up values. Funds remain short in the market.
The front-month November contract enjoyed some technical support.
However, there is a lot of uncertainty right now about how big the canola crop truly is and whether the recent cold weather has had an impact on yields.
Investors are now waiting for the release of a production report from Statistics Canada on Wednesday. The report uses satellite imagery.
About 4,400 canola contracts had traded as of 10:43 CDT.
Prices in Canadian dollars per metric ton at 10:43 CDT:
