ICE canola strengthens amid weather concerns

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Oct. 6 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, showing some independent strength compared to the flat Chicago Board of Trade soybean market.

Persistent concerns over cool and wet conditions in Alberta, where snow delayed harvest operations in some areas this week, accounted for some of the relative strength in canola, according to a broker.

Recent weakness in the Canadian dollar, which has dropped sharply relative to its U.S. counterpart this week, added to the firmer tone.

However, steady farmer deliveries kept a lid on the upside, as seasonal harvest pressure remained a bearish influence despite delays in some areas.

Canadian markets will be closed Monday for Thanksgiving, and positioning ahead of the long weekend was a feature.

About 11,500 canola contracts had traded as of 10:57 CDT.

Milling wheat, durum, and barley futures were all untraded and unchanged.

Futures Prices as of October 6, 2017

Canola
2017-10-06 10:58
Price Change
Nov 497.4 2.20
Jan 503 2.30
Mar 507.5 2.50
May 509.5 2.00
Milling Wheat
2017-10-06 00:00
Price Change
Oct 228.00p 1.00
Dec 230.00p 1.00
Mar 236.00p 2.00
May 241.00p 2.00
Durum
2017-10-06 00:00
Price Change
Oct 279.00p 0.00
Dec 281.00p 0.00
Mar 286.00p 0.00
May 288.00p 0.00
New Barley
2017-10-06 00:00
Price Change
Oct 145.00p 0.00
Dec 148.00p 0.00
Mar 151.00p 0.00
May 151.00p 0.00

Prices are in Canadian dollars per metric ton

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