ICE Canola Holds Small Gains in Choppy Activity

WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains in choppy trade.

The November contract traded as high as 579.00 Canadian dollars per metric ton overnight before selling came forward to take prices below the psychological C$570.00-per-ton mark and some buying interest resumed Wednesday. Chicago soyoil was lower after posting gains in the overnight session.

While farmers remain reluctant sellers at the current price levels, some seasonal harvest pressure was likely weighing on values.

Manitoba's canola harvest was 28% complete as of Sept. 10, down from 35% a year ago, according to the latest provincial crop report.

European rapeseed was higher on the day. Ideas Canadian canola remains cheap compared to its European counterpart provided some support.

An estimated 17,400 canola contracts traded as of 11:56 a.m. EDT.

Prices in Canadian dollars per metric ton:

Contracts Prices Change

   Nov        571.00  up 1.00 
   Jan        584.30  up 1.10 
   Mar        595.80  up 0.90 
   May        604.70  up 0.70 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

September 11, 2024 12:30 ET (16:30 GMT)

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