By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 25 (MarketsFarm) – The ICE Futures canola market was slightly lower at midday Wednesday, remaining largely range-bound in light trade activity.
“Canola has been oscillating between stronger and weaker than soybeans,” remarked one Winnipeg-based trader. Currently, soybeans are dragging down canola values.
Forecasts across the Prairies are turning unseasonably cold and rainy later this week, with instances of snow in some regions. That could inject a weather premium into markets in days to come.
“Weather issues are underpinning canola, but it hasn’t gone anywhere just yet,” said the trader.
A comparatively weaker Canadian dollar has provided some support to values. The dollar is currently around 75.35 U.S. cents.
About 10,794 canola contracts traded as of 11:15 CDT.
Prices in Canadian dollars per metric tonne at 11:15 CDT:
Price Change
Canola Nov 448.40 dn 0.90
Jan 457.20 dn 0.50
Mar 465.20 dn 0.90
May 472.20 dn 1.10
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