By Glen Hallick, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pulling back on Wednesday morning, after new crop contracts hit fresh highs yesterday.
Ahead of today’s trading, ICE lowered the daily limit for canola to C$30 per tonne.
There were declines in Chicago soybeans and soyoil, as well as European rapeseed. Meanwhile, Malaysian palm oil and Chicago soymeal were slightly higher.
The hot weather across the Prairies was tempering those losses in canola, as the heat and a lack of rain were stressing crops. Temperatures across the region will exceed 30 degrees Celsius with parts of Alberta and Saskatchewan to push towards 40C.
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The United States Department of Agriculture is scheduled to release its long-awaited acreage projections and its grains stocks report at 11 am CDT. Trade expectations are for corn and soybean acres to increase slightly with a reduction in wheat acres. Also, stocks are believed to be lower for the three commodities.
The Canadian dollar was relatively steady this morning, with the loonie at 80.71 U.S. cents compared to Tuesday’s close of 80.75.
The Canadian markets will be closed tomorrow for Canada Day and will resume trading on Friday. Also, the U.S. markets will be closed on Monday to mark Independence Day.
About 4,150 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 786.70 dn 7.90
Jan 780.00 dn 8.30
Mar 770.60 dn 8.30
May 762.10 dn 5.90
