By Glen Hallick, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Wednesday morning, getting support from Chicago soybeans.
However, there was no direction from soyoil. Elsewhere, European rapeseed was down, but Malaysian palm oil was up.
Manitoba Agriculture issued its weekly crop report on Tuesday, stating that planting was 96 per cent complete, which was three points behind the province’s three-year average. Heavy rains in the southeastern corner of the province could result in 20 to 30 per cent of the fields in the area being left unseeded this year.
Wet conditions in northern Alberta and northwest Saskatchewan will also see significant amounts of acres left unplanted.
The Canadian dollar was slightly higher Wednesday morning at 74.59 U.S. cents, compared to Tuesday’s close of 74.50.
About 4,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Jul 469.70 up 2.00
Nov 472.60 up 1.10
Jan 478.80 up 1.10
Mar 484.60 up 1.50
