By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Monday morning, following significant snowfall and freezing temperatures over parts of the Prairies.
Southern Alberta, the Foothills and southwestern Saskatchewan received snow over the weekend with the forecast calling for more today. The system of rain and snow is expected to move eastward across Saskatchewan, reaching Manitoba by Wednesday.
Temperatures on the Prairies fell as low as minus 7 Celsius, with crops incurring frost damage.
The ongoing Canada/China dispute, large canola supplies, and improved soybean planting conditions in Brazil have tempered gains.
The Canadian dollar was firm this morning at 75.45 United States cents after closing Friday at 75.48.
About 6,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Nov 449.80 up 4.00
Jan 458.20 up 3.50
Mar 466.60 up 3.70
May 473.50 up 3.50
