By Glen Hallick, MarketsFarm
WINNIPEG, June 2 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, building on yesterday’s spike in prices.
Hot, dry weather is forecast to continue for the rest of the week across the Prairies.
Canola was getting support from sharp gains in Chicago soyoil, as well as increases in European rapeseed and Malaysian palm oil.
Most of the canola market’s focus is firmly on the new crop months, particularly the November contract. There has been very little trading in the old crop July contract so far this morning.
Manitoba issued its weekly crop report yesterday; showing overall planting across the province was 96 per cent complete and that recent frosts did little damage to crops.
The Canadian dollar has taken a step back, with the loonie at 82.89 compared to Tuesday’s close of 83.06.
About 3,850 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 906.00 up 9.30
Nov 749.50 up 10.70
Jan 747.70 up 10.50
Mar 737.50 up 9.10
