By Glen Hallick, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower at midday Wednesday, with the losses in the new crop months.
Pressure came from declines in Chicago soyoil and European rapeseed, while increases in Malaysian palm oil offered support. Chicago soybeans were mixed, and soymeal was down a pinch. Global crude oil prices were relatively steady, which provided little direction to the vegetable oils.
Northern and southeastern Alberta were getting rain today, while Saskatchewan remained mostly dry.
Manitoba issued its crop report, noting spring planting was complete. However, there could be some reseeding in the southwest following a weekend storm. The province’s canola ranged from the cotyledon to rosette, with some bolts on the earliest planted fields.
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The Canadian dollar was stronger late Wednesday morning, with the loonie at 75.29 U.S. cents compared Tuesday’s close of 75.13.
Approximately 22,250 canola contracts were traded as of 10:18 CDT.
Prices in Canadian dollars per metric tonne at 10:18 CDT:
Price Change Canola Jul 699.50 up 0.20 Nov 675.80 dn 0.70 Jan 679.80 dn 2.10 Mar 684.50 dn 3.50
