By Glen Hallick, MarketsFarm
WINNIPEG, July 19 (MarketsFarm) – ICE Futures canola contracts were higher at midday Friday, due in part to crop conditions.
A Winnipeg-based trader estimated canola crop conditions across the Prairies to be approximately 58 per cent good to excellent.
“Which is not terrific, but a fairly decent crop in total,” he commented.
In Saskatchewan’s crop report, canola was rated as 42 per cent good to excellent, he noted.
MarketsFarm has projected a drop in canola production for this year. In attempting to take into account the possibility of frost in September, MarketsFarm’s Bruce Burnett stated canola could come in at 17.85 million tonnes. Earlier this year, Agriculture and Agri-Food Canada called for 20.1 million tonnes.
Approximately 12,800 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Canola Nov 448.50 up 3.10
Jan 454.80 up 2.30
Mar 463.00 up 3.30
May 468.80 up 3.30