By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 15 (MarketsFarm) – The ICE Futures canola market was recovering from earlier losses at midday Friday, posting gains in most months as participants adjusted positions ahead of the weekend.
Seasonal harvest pressure weighed on values, with relatively favourable Prairie weather forecasts likely to lead to good progress over the weekend.
Losses in outside markets, including Chicago soyoil and European rapeseed, also weighed on values.
However, the tighter production forecast from Statistics Canada remained somewhat supportive. The government agency pegged the 2023/24 canola crop at 17.4 million tonnes on Thursday, which was down from the August estimate and well below the 18.7 million tonnes grown the previous year.
About 16,400 canola contracts traded as of 11:01 CDT.
Prices in Canadian dollars per metric tonne at 11:01 CDT:
Canola Nov 761.70 up 2.90
Jan 770.00 up 2.80
Mar 775.30 up 2.30
May 778.60 up 0.70
