By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Wednesday morning, getting support from stronger Chicago soyoil and Malaysian palm oil. Meanwhile, lower European rapeseed weighed on values.
The Canadian dollar was relatively firm this morning, at 76.01 U.S. cents, compared to Tuesday’s close of 75.93.
Hot, dry weather has been forecast for most of the Prairies with little chance of rain over the next five days. This will bode well for crops soon to be harvested.
The Manitoba weekly crop report stated there was swathing of canola, as well as pre-harvest spraying in the central and eastern growing regions. Elsewhere in the province, canola was podded and turning colour. The report also noted the combining of winter cereals was well over halfway complete and that for spring cereals was underway.
About 2,600 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 488.70 up 0.80
Jan 496.00 up 1.20
Mar 500.90 up 0.90
May 504.50 up 0.60
