Glacier FarmMedia – The November canola contract on the Intercontinental Exchange dipped below C$600 per tonne earlier today before returning above that mark.
An analyst said the slow pace of exports and the ongoing canola harvest are pressuring prices. Another analyst said the contract might test March lows at around C$580/tonne. Both of them doubt the United States and China will come to an agreement on Chinese soybean imports in the next few weeks.
Chicago soyoil and Malaysian palm oil were higher while European rapeseed was down. Crude oil was in negative territory due to demand concerns and plans by OPEC+ to raise output in November.
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Glacier FarmMedia -– Canola futures on the Intercontinental Exchange corrected themselves on Wednesday after the November contract dropped below C$600/tonne…
Manitoba and Saskatchewan, as well as central Alberta, could get rain and thunderstorms later today. High temperatures in the eastern Prairies will be above 20 degrees Celsius, but those in most areas of Alberta will be below.
The Canadian dollar was down more than one-tenth of a U.S. cent compared to Monday’s close. There was no exchange rate posted on Tuesday due to the National Day for Truth and Reconciliation.
About 39,000 canola contracts have traded at 10:25 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 602.00 dn 3.20
Jan 615.00 dn 3.20
Mar 626.10 dn 3.30
May 636.20 dn 3.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
