By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday Wednesday, as they continued to benefit from upticks in comparable oils.
Chicago soyoil was up by well over one cent per pound, however gains in soybeans pulled back from earlier highs. Malaysian palm oil and European rapeseed were on the upswing as well. Meanwhile, Chicago soymeal was lower.
The Prairies are forecast to return to hot, dry conditions through the weekend, but next week temperatures are to be closer to normal.
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Crush margins improved from yesterday, coming away from historic lows by C$9 to C$10 per tonne, according to ICE.
A trader said the market is waiting on the canola the harvest and until then trading is likely to remain lackluster. However, volumes were much improved from yesterday.
The Canadian dollar was higher at midday, which tempered gains in canola. The loonie was at 79.96 U.S. cents compared to Tuesday’s close of 79.74.
Approximately 8,450 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Price Change
Canola Nov 891.80 up 13.50
Jan 878.90 up 14.50
Mar 861.60 up 11.60
May 842.80 up 10.40
