By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 13 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday morning, bouncing back from yesterday’s losses.
Canola benefitted from gains in Chicago soyoil, European rapeseed and Malaysian palm oil. Also, the nearby contracts in the ICE canola crush margins improved as well.
Temperatures across the Prairies remained forecast to push towards 30 degrees Celsius during the weekend and then moderate to around normal. Precipitation over the coming days is believed to be light at best.
Saskatchewan Agriculture reported yesterday that the province’s overall harvest was at seven per cent complete and that no significant amounts of canola had yet to be combined. Alberta is scheduled to issue its crop report later today.
The Canadian dollar was unchanged this morning, with the loonie at 79.87 U.S. cents.
About 2,800 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 891.40 up 8.00
Jan 878.00 up 5.30
Mar 862.30 up 4.10
May 842.50 up 3.20
