By Glen Hallick, MarketsFarm
WINNIPEG, August 15 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to lower Thursday morning, following volatile overnight trading.
Canola has become more competitive within the oilseed market, which has provided support.
A declining Canadian dollar has also been supportive. After the dollar closed Wednesday at 75.16 U.S. cents, it has dropped to 75.04.
Although crop conditions have remained generally favourable, dry conditions across most of the Prairies has kept a weather premium on prices. With a slow start in the spring, the threat of frost has become more of a reality going into the second half of August.
Continuing tensions between Canada and China have put a damper on any upswing.
About 2,300 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric ton at 8:36 CDT:
Price Change
Canola Nov 449.80 dn 0.40
Jan 457.50 dn 0.30
Mar 464.10 dn 0.30
May 470.60 up 0.40
