By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher late Wednesday morning, in what an analyst called “a sideways day.”
The analyst credited the gains in canola to the increases in the Chicago soy complex, European rapeseed and Malaysian palm oil. He said gains in palm oil have been pulling up soyoil.
Harvest pressure will soon be felt with good weather in the Prairie forecast for the coming seven days. The analyst said the exception could be southern Manitoba, which is expected to get some rain.
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Manitoba reported its overall harvest reached 56 per cent completed as of Sept. 23, with the province’s canola at 45 per cent finished.
Even with today’s upticks, the November canola contract still lagged behind its 20-day moving average.
The Canadian dollar was weaker by mid-session Wednesday, with the loonie dropping to 71.99 U.S. cents compared to Tuesday’s close of 72.30.
Approximately 22,000 canola contracts were traded as of 10:47 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 620.20 up 2.60
Jan 633.40 up 2.30
Mar 645.10 up 2.50
May 655.20 up 2.70
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
