WINNIPEG: ICE Canadian canola futures dipped on Wednesday, pressured by weaker soyaoil prices, but they were underpinned by frost this week that damaged some immature crops across the Canadian Prairies.
The unknown level of frost damage may cause farmers to delay crop sales to commercial buyers at a time when domestic crusher and export demand for canola is strong, said Uros Vukov, broker at StoneX. Even so, he said it will be difficult for canola and soyabean prices to continue their recent rallies to two-year highs.
In the Canadian province of Manitoba, canola harvesting is 22% complete, behind the three-year average of 57%, the provincial government said. November canola lost $5.50 to $505.40 per tonne. November-January canola spread traded 2,789 times.
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