By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 11 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, as Prairie weather concerns and gains in Chicago Board of Trade soybeans provided support.
A winter storm was hitting southern Manitoba and the northern United States on Friday, while recent cool and wet conditions have also left harvest operations well behind normal in Saskatchewan and Alberta.
Optimism over trade negotiations underway between the U.S. and China was also supportive for the grains and oilseeds on Friday, as U.S. President Donald Trump tweeted that “good things are happening” at the talks.
However, a sharp rally in the Canadian dollar, which was up by about two-thirds of a cent relative to its U.S. counterpart, tempered the upside in canola.
About 20,500 canola contracts traded as of 10:40 CDT, with intermonth spreading a feature.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 461.40 up 1.90
Jan 469.40 up 1.20
Mar 477.90 up 1.00
May 485.20 up 0.80
Commodity Future Prices
Prices are in Canadian dollars per metric ton