ICE Canola Gains Strength on Frost Fears

A trader said the market wasn’t getting too wound up over the forecast of temperatures below zero degrees (Celsius) on the Canadian prairies, but that it was the main reason for canola’s bullish move.

The trader said the producers he had talked to didn’t think the frost would have a huge impact on the crop.

Soybean futures in Chicago were trading at values near unchanged at midsession.

The trader said most of the buy orders being bought were of the small variety from speculative accounts.

Export demand has been fairly quiet as of late, with the world having settled down after the rush that came from Russia’s drought, the trader said. The lack of export demand was limiting the price advances in Canada.

At 10:15 CDT, there had been about 4,200 canola contracts traded on the ICE Canada platform.

Western barley futures remained untraded and unchanged at midsession.

Price in Canadian dollars per metric ton at 10:15 CDT