By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher Wednesday morning, after incurring losses during the overnight session.
There were gains in Chicago soyoil and Malaysian palm oil, while European rapeseed was narrowly mixed.
The Canadian dollar was lower, which lent some support to canola. The loonie was at 79.15 U.S. cents compared to Tuesday’s close of 79.31.
As temperatures across the Prairies are forecast to stay cool for the rest of this week, there is to be some light rains for the eastern half of the region while the western half is to remain dry.
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The nearby ICE canola crush margins remained negative, slipping to C$3.78 per tonne below the November contract.
In the weekly Manitoba crop report released on Tuesday, the province-wide harvest of all crops reached 30 per cent complete, which was four points ahead of the four-year average. The combining of canola was at two per cent finished. The crop report also noted large parts of Manitoba recently received 25 per cent of normal growing season precipitation in a single week.
About 3,550 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 905.00 up 6.70
Jan 890.40 up 6.80
Mar 870.00 up 6.50
May 846.20 up 6.00
