ICE canola midday: Supply and demand report has markets at standstill

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:

Price Change
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

Futures Prices as of October 10, 2019

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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