By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 13 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower Wednesday morning, following the lead of the Chicago soy complex.
Temperatures across the Prairies will improve to a few degrees either side of freezing for the remainder of this week. Other than some flurries in eastern Manitoba, the Prairies are forecast to be dry over the next several days, benefiting farmers who are still harvesting.
Canola appears to be in a holding pattern and traders seem to be reluctant to sell aggressively, according to a report.
Improving conditions in Brazil and Argentina have aided soybean planting, which weighs on canola values.
The Canadian dollar was lower this morning at 75.44 U.S. cents, compared Tuesday’s close of 75.60.
About 2,200 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Jan 460.90 dn 1.20
Mar 470.50 dn 1.10
May 479.30 dn 1.10
Jul 486.90 dn 1.00
