WINNIPEG – ICE Futures canola contracts were stronger at midday Friday, correcting off of nearby lows and taking some direction from Chicago Board of Trade soybeans.
Chart-based buying contributed to the gains, as the November contract neared the psychological C$450 per tonne level.
Uncertainty over new crop production as the harvest moves forward across Western Canada should be keeping some weather premiums in the market.
However, large old crop supplies and improving growing conditions over the past month tempered the advances.
About 4,500 canola contracts traded as of 11:03 CDT.
Prices in Canadian dollars per metric tonne at 11:03 CDT:
Price Change
Canola Nov 449.50 up 2.00
Jan 457.30 up 2.00
Mar 464.20 up 1.80
May 470.30 up 1.40
