By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading lower Thursday morning, as the Prairie harvest and farmer selling continue to weigh on values.
There have been some questions regarding the size and quality of this year’s canola crop. The situation has helped to keep some weather premium on bids.
Alberta and Saskatchewan are expected to see double-digit temperatures today and Friday. The trend will move into Manitoba tomorrow, with the Prairies to get colder temperatures over the weekend.
The Canadian dollar was weighing on values this morning. After closing Wednesday at 76.42 U.S. cents, the loonie rose to 76.55.
Despite gains in Chicago soybeans so far today, there has not been any spillover into canola.
About 4,700 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Nov 452.80 dn 1.20
Jan 461.60 dn 0.80
Mar 470.90 dn 0.80
May 478.00 dn 1.70
