ICE Close: Canola Higher as Snow Falls

Winter-like Prairie conditions once again lifted canola futures on Tuesday.

Along with gains in the Chicago soy complex, canola bids received support from the Prairie weather forecast. Today, Alberta and Saskatchewan were hit with below 0 C temperatures along with light snow. The system will move eastward into Manitoba by Thursday. The same system is expected to result in growing season-ending freezes during the weekend across roughly the northwestern half of the Corn Belt, which offered support to soybeans today.

Meanwhile, the Prairie canola harvest continues to lag well behind the average, at less than 40% complete.

November canola was up $2.20 at $464.80, January climbed $2.10 to $473.30 and March added $1.90 to $481.80.

Source: DePutter Publishing Ltd.

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