By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, again following the losses in other edible oils.
There were significant declines in Chicago soybeans and soyoil, plus more moderate losses in soymeal and Malaysian palm oil, while European rapeseed was mixed.
As temperatures begin to cool across the Prairies, there will be rain. The largest amounts of precipitation are come in the eastern half of the Prairies over the weekend.
The uncertainty of this year’s canola crop and tight supplies were tempering further declines.
Saskatchewan will release its weekly crop report later today. Manitoba reported its harvest was 21 per cent complete.
The Canadian dollar was weaker this morning, with the loonie at 78.40 U.S. cents, compared to Wednesday’s close of 79.18.
About 4,600 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 894.30 dn 10.50
Jan 880.90 dn 10.90
Mar 861.60 dn 10.30
May 839.10 dn 11.00
