By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were steady to lower on Wednesday morning, in choppy trading.
Declines in the Chicago soy complex, European rapeseed and Malaysian palm oil exerted pressure on canola.
Temperatures in the western half of the Prairies have moderated to the low to mid-20 degrees Celsius, while the eastern half will still see the mercury push towards 30 C. Precipitation is to follow the cooler temperatures.
Tight canola supplies and uncertainty over the size of this year’s crop has underpinned values. Market guesses presently have production at 15 million to 17 million tonnes, but indications are the harvest will reap something significantly lower than that. Statistics Canada is scheduled to issue its report on principal field crops on Aug. 30.
Support also came from a lower Canadian dollar this morning. The loonie at was 79.11 U.S. cents, compared to Tuesday’s close of 79.22.
About 3,150 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 918.30 unchanged
Jan 900.70 dn 0.90
Mar 881.10 dn 1.10
May 859.30 dn 1.10
