By Glen Hallick, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures inched upward on Wednesday morning, with nearly all of the activity concentrated in the July and November contracts.
Modest upticks in global crude oil prices lent support to the vegetable oils, such as to Malaysian palm oil. However, European rapeseed and Chicago soyoil were down, along with soybeans. Meanwhile, soymeal was posting small increases.
Heat warnings were issued today for southern parts of the Prairies, while the entire region is expected to remain dry except for any scattered thunderstorms.
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Manitoba reported spring planting across the province was 97 per cent complete with good emergence for most crops. Canola seeding advanced 17 points on the week to also reach 97 per cent finished.
Although canola crush margins retreated a little, they were still at some of their highest levels over the last 30 days.
The Bank of Canada is scheduled to make its next interest rate announcement at 9 am CDT. While most expectations projected the central bank to further freeze rates, there has been speculation of a 25-basis point increase.
Ahead of that announcement, the Canadian dollar was slightly higher on Wednesday morning, with the loonie at 74.62 U.S. cents compared to Tuesday’s close of 74.52.
About 9,050 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Jul 671.20 up 1.30 Nov 647.80 up 0.40 Jan 653.70 up 0.30 Mar 659.70 up 0.80
