By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 10 (MarketsFarm) – ICE Futures canola contracts were either side of steady at midday Thursday as the effect of today’s supply and demand report from the United States Department of Agriculture had yet to play into the markets, according to a Winnipeg-based trader.
He noted that canola and wheat had a good run up over the last week and a pause isn’t unusual.
The cold front that sweeping across the Prairies is dumping snow on southern Manitoba today. Despite the winter-like conditions, the trader fully expects the harvest to resume.
“Once the combines start rolling again, the harvest pricing pressure, which really hasn’t come into play yet, starts to come out,” he said, adding farmer selling will be on “the hedging side or through the elevators.”
Approximately 11,400 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Canola Nov 463.50 up 0.20
Jan 471.60 dn 0.20
Mar 480.00 dn 0.40
May 487.20 dn 0.40