ICE Canola Stronger in Nervous Market

A trader said with the significant rainfall in Saskatchewan and Manitoba over the weekend, producers were getting a little nervous in regards to being able to harvest their crops. He said the forecast for this week wasn’t looking promising either.

The weather uncertainty was causing a nervous market, and the trader said that usually means a stronger market.

The Canadian dollar was weaker on Tuesday, which also helped the market rise, the trader said.

Soybeans were trading slightly higher in Chicago, giving canola some more support.

Light speculative selling limited the gains in canola, according to the trader. Most producers were busy with harvest operations and preparations, keeping farmer hedges quiet. Export activity was normal.

At 10:45 CDT, there had been about 4,000 canola contracts traded.

Western barley futures for December had 25 contracts traded to midsession, with the price declining.