By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 4 (CNS Canada) – ICE Futures canola contracts were stronger Thursday morning, rising above C$500 per tonne in the nearby November contract for the first time since late August.
Cool and wet conditions across much of Western Canada, including snow in many areas, continue to cause harvest delays and concerns over yield and quality losses underpinned the futures.
Gains in Chicago Board of Trade soybeans and a weaker tone in the Canadian dollar added to the firmer tone in canola.
However, forecasts calling for improving harvest weather over the weekend tempered the advances. Ideas that canola remains expensive compared to other oilseeds also weighed somewhat on values.
About 5,400 canola contracts had traded as of 8:51 CDT.
