By Dave Sims, Commodity News Service Canada
WINNIPEG, June 18 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning following the soy complex, with values rallying in the morning after a weak overnight session.
Soybeans and soymeal are both up while European rapeseed is under pressure.
The loonie is little changed against its American counterpart this morning. The US Federal Reserve will address the subject of interest rates today which may cast a chill on trading for much of the day, according to a report.
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North American crop conditions are generally good right now, especially soybeans, said an analyst. However, reports of excessive moisture in southeast Saskatchewan and southwest Manitoba are keeping a weather premium in the canola market. There is also speculation later seeding in Western Canada this spring could hurt yields in the fall. One industry-watcher estimated that between 600,000 to 1 million acres in Manitoba alone, could be lost due to wet weather.
Unrest in Iraq continues to lend spillover support to other markets, an analyst said.
About 5,200 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
