By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, erasing much of the gains made yesterday.
There were declines in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil. Also, the ICE canola crush margins pulled back with the upfront contracts dropping to C$10 and C$12 per tonne.
Temperatures across the Prairies are to be in the low to mid 20 degrees Celsius today, and then pushing towards 30C over the weekend, only to moderate next week. There remains little prospect of significant rainfall across the Prairies throughout the weekend. However, some precipitation could develop afterward.
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The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates at 11 am CDT. The markets will be making some last minute positioning ahead of the report.
Statistics Canada will issue its next report on principal field crops on Aug. 30.
The Canadian dollar was slightly lower this morning, with the loonie at 79.88 U.S. cents compared to Wednesday’s close of 79.96.
About 2,100 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 880.00 dn 9.00
Jan 868.10 dn 9.50
Mar 852.10 dn 10.40
May 832.50 dn 11.00
