By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 10 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Thursday, regaining a portion of yesterday’s losses.
“There were a couple of areas on the Prairies where the crushers and elevators were posting really good basis quotes. They’re trying to get the harvest sales rolling,” a Winnipeg-based trader said, noting this year’s harvest is running a little bit late.
“Some cash prices were as high as $11.50 [per bushel] in some locations in Alberta,” he added.
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The two nights of frost have played some role in prices edging up, the trader said, but the extent of the damage across the Prairies has yet to be determined.
In the meantime, the trader said he’s received numerous reports of good canola yields from across the region.
“The market is fairly well supported despite the good supply coming in,” he said of the farmer selling.
Chicago soyoil was relatively firm, while there were losses in European rapeseed and Malaysian palm oil.
The Canadian dollar was hovering around 76 U.S. cents, after closing on Wednesday’s at 75.91.
Approximately 18,000 canola contracts were traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola Nov 507.70 up 2.30
Jan 515.30 up 3.20
Mar 521.40 up 3.90
May 525.40 up 4.10
