By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 9 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, as Prairie weather concerns remained supportive.
Cool and wet conditions across Western Canada, including snow in many areas, was once again causing harvest delays and raising concerns about the state of the crops still in the field.
Similar conditions in the United States also underpinned soybeans, which provided additional support for canola.
However, ideas that canola is starting to look overbought from a chart standpoint kept some caution in the market.
Positioning ahead of Thursday’s U.S. Department of Agriculture supply/demand report could account for some activity.
About 9,000 canola contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric ton at 8:33 CDT:
Canola Nov 469.00 up 4.30
Jan 476.60 up 3.30
Mar 485.20 up 3.40
May 491.20 up 2.60
Commodity Future Prices
Prices are in Canadian dollars per metric ton