By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were gaining strength on Thursday morning, getting support from sharp increases in the Chicago soy complex.
Also, tightening canola ending stocks remain supportive.
Below normal temperatures across the Prairies are expected to continue through the weekend, slowing producer deliveries as well as rail movements.
The Canadian Grain Commission will issue its weekly grain report for the week ended Feb. 7 later this afternoon.
The Canadian dollar was higher this morning as the United States dollar weakened. The loonie was at 78.93 U.S cents compared to Wednesday’s close of 78.81.
About 5,400 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric tonne at 8:45 CST:
Price Change
Canola Mar 706.60 up 8.30
May 693.30 up 8.80
Jul 664.00 up 7.20
Nov 567.40 up 2.80
