WINNIPEG, Manitoba--Canola futures saw some wide price moves during the week ended June 10, trading in a roughly C$50 per ton range. While the futures ended down on the week, a trader expected the general uptrend would continue.
November canola hit a contract high of C$804.80 per ton on June 3 and fell to a nearby low of C$755.50 three days later.
Values stabilized in subsequent sessions, settling at C$774.50 per ton on June 10.
"I think we can take canola a lot higher in the long run," said Bill Craddock, a Manitoba farmer and longtime local futures trader. While the volatility in outside markets was also leading to unpredictability in canola, he saw several potential supportive factors for the Canadian oilseed.
Western Manitoba and eastern Saskatchewan received heavy rains June 9-10, with official Environment Canada rainfall totals topping 250 millimetres in Stonewall, Man. Winnipeg received 117 mm overnight, and many other areas also exceeded 100 mm after seeing heavy rains the previous weekend.
