By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures continued higher on Thursday morning, attempting to add to yesterday’s increases. However, there was pressure from the advancing Prairie harvest and comparable oils.
Manitoba reported yesterday that its overall harvest was 72 per cent completed, with 76 per cent of canola combined. Saskatchewan is set to issue its crop report later today.
There were gains in Malaysian palm oil and most MATIF rapeseed contracts, along with slight increases in the Chicago soy complex. Declines in crude oil limited the upswing in the vegetable oils.
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ICE canola firm at midday Wednesday
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The Prairie weather outlook called for temperatures to range from the high teen degrees Celsius in Alberta to the mid 20s in southern Manitoba. Rain is expected for the region starting as early as tomorrow.
The Canadian dollar was virtually unchanged on Thursday morning, with the loonie at 71.72 U.S. cents.
Approximately 9,150 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 608.10 up 0.90
Jan 620.90 up 1.20
Mar 631.70 up 1.20
May 642.30 up 2.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
