WINNIPEG – The ICE Futures canola market was posting small losses Thursday morning, after trading to both sides of unchanged in overnight activity.
Early gains in Chicago Board of Trade soybeans provided underlying support, while soyoil futures dipped below unchanged. A firmer tone in the Canadian dollar also weighed on canola.
Harvest operations continue to run well behind normal across the Canadian Prairies, with forecasts calling for frost and even snow in some areas over the next week.
While the weather concerns underpinned values, some seasonal harvest pressure was also being felt.
Large old crop supplies and Canada’s ongoing diplomatic dispute with China contributed to the turn lower.
About 3,100 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 448.10 dn 0.80
Jan 457.00 dn 0.70
Mar 465.20 dn 0.70
May 472.20 dn 0.80
