By Glen Hallick, MarketsFarm
WINNIPEG, June 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Wednesday morning, with the gains coming in the new crop contracts.
There was spillover from increases in the Chicago soy complex and European rapeseed. Declines in Malaysian palm oil applied some pressure on the Canadian oilseed. Moderate upticks in global crude oil prices lent support to vegetable oils.
Manitoba reported that crop progress is about a month behind due to frequent weather-related delays. Spring planting throughout the province reached 65 per cent complete, well behind the five-year average of 96 per cent finished.
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Tight old crop supplies continued to underpin canola values, as did concerns about the development of this year’s crop.
The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates on Friday. Positioning ahead of the report is likely to have some effect on canola.
The Canadian dollar was higher on Wednesday morning with the loonie at 79.79 U.S. cents, compared to Tuesday’s close of 79.65.
About canola 2,200 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Jul 1,112.70 dn 0.40
Nov 1,043.60 up 3.50
Jan 1,049.20 up 3.20
Mar 1,050.00 up 1.20
