ICE canola stronger Friday morning
By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 11 (MarketsFarm) – The ICE Futures canola market was higher on Friday morning, following the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA).
The report lowered U.S. soybean yields to 46.9 bushels per acre. The report also lowered production to 3.550 billion bushels from the September estimate of 3.633 billion.
Bullish soybeans were supportive of canola values.
Significant snow in the Prairies has stalled harvest activity, and left a large percentage of the canola crop on the fields, providing further support for canola values.
The Canadian dollar hovering around 75 U.S. cents on Thursday morning, which provided support for canola values.
About 6,400 canola contracts had traded as of 8:30 CDT.
Prices in Canadian dollars per metric ton at 8:30 CDT:
Canola Nov 462.40 up 2.90
Jan 470.80 up 2.60
Mar 479.50 up 2.60
May 487.10 up 2.70
Commodity Future Prices
Prices are in Canadian dollars per metric ton