By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 19 (MarketsFarm) – ICE Futures canola contracts were steady at midday Thursday as the markets wait for the Prairie harvest to pick up the pace.
While rain has been forecast for the Prairies in the coming days, it’s to be followed by a stretch of good weather that will see harvesting increase, said a Winnipeg-based trader.
“It’s showing some firmness now as [Chicago] soybeans are picking up now,” he commented.
However, he said there has been selling towards of the end of the trading sessions for the last little while, which he suspects is farmers selling off of their combines.
As well, buyers know they don’t need to push up the prices too much as there’s going to be a large supply of canola between what’s left in the bins and what will be coming off of the fields, the trader said.
Approximately 14,000 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Nov 452.40 up 0.10
Jan 460.70 dn 0.10
Mar 469.00 unchanged
May 476.90 up 0.30