By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures swung higher on Wednesday morning, attempting to recover the previous day’s losses.
Support for canola came from upticks in Chicago soyoil and European rapeseed, but losses in Chicago soybeans and soymeal as well as Malaysian palm oil limited the climb higher. Modest gains in crude oil were spilling over into the vegetable oils.
The Prairie forecast called for more temperatures in the mid 20 degrees Celsius on Wednesday, but rain is expected for Thursday in some parts of the region.
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As the Prairie harvest continues, Manitoba reported provincewide combining was 40 per cent finished, with the canola at 18 per cent done.
The Canadian dollar eased back on Wednesday morning, with the loonie at 72.22 U.S. cents, compared to Tuesday’s close of 72.29.
Approximately 13,350 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 626.10 up 6.40
Jan 639.00 up 7.00
Mar 650.80 up 7.10
May 662.50 up 8.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
