By Glen Hallick, MarketsFarm
WINNIPEG, June 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures began Wednesday with yet another round of sharp losses, as the Canadian oilseed remained caught up in the vegetable oil sell-off.
A steep drop in crude oil prices added more pressure to the sharp losses in the Chicago soy complex, European rapeseed and Malaysian palm oil.
More rain has been forecast for the Prairies, with a series of systems bringing precipitation through to the weekend.
Manitoba reported yesterday that spring planting reached 91 per cent complete with a gain of four points over the week, but nine behind the five-year average. There has been some reseeding of canola due to damage caused by flea beetles.
The Canadian dollar was lower Wednesday morning. The loonie stepping back to 77.16 U.S. cents, compared to Tuesday’s close of 77.35.
About 10,350 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Jul 973.10 dn 29.00
Nov 922.10 dn 31.80
Jan 928.00 dn 32.40
Mar 937.10 dn 28.50
