By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed at midday Wednesday with a small gain in the most-traded November contract, with all positions shrugging off yesterday’s bullish report from Statistics Canada.
The Canadian oilseed was struggling against pressure coming from losses in the Chicago soy complex and European rapeseed. There was some reprieve with moderate gains in Malaysian palm oil.
Despite bullish news from the United States Energy Information Administration, crude oil prices remained relatively steady which provided little direction to the vegetable oils.
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Temperatures across the Prairies varied from the low 20 degrees Celsius to pushing towards 30 C. Over the next couple of days a system is forecast to bring five to 15 millimeters of rain to the region.
Manitoba issued its weekly crop report, which indicated the harvest was 18 per cent complete provincewide. Only the central region registered any canola harvesting, which progressed to 15 per cent finished.
The Canadian dollar was stronger at mid-Wednesday morning, taking advantage of a weaker United States counterpart. The loonie climbed to 73.88 U.S. cents compared to Tuesday’s close of 73.57.
Approximately 17,550 canola contracts were traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Price Change Canola Nov 812.00 up 0.20 Jan 817.00 dn 1.40 Mar 818.90 dn 2.30 May 816.40 dn 3.20
