By Glen Hallick, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the upswing Thursday morning for new crop contracts. Meanwhile old crop July was lower.
Canola was gleaning support from more gains in the Chicago soy complex, along with increases in European rapeseed and Malaysian palm oil.
The hot, dry weather continues across the Prairies, putting stress on crops. With temperatures pushing above 30 degrees Celsius, Environment Canada issued another round of heat warnings for most of the region.
The Canadian dollar was falling back this morning, with the loonie at 82.65 compared to Wednesday’s close of 82.97.
About 5,400 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Price Change
Canola Jul 893.70 dn 14.50
Nov 753.20 up 3.20
Jan 747.00 up 2.50
Mar 741.80 up 8.20
