By Glen Hallick, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) remained on the upswing at midday Thursday as the market is now dominated by the weather, according to a trader.
He said the main concern is in the United States as hot and dry conditions are posing a serious threat to the soybean and corn crops. The trader added there are similar concerns towards crops in southern parts of Alberta and Saskatchewan, but it’s largely a typical summer across the Prairies.
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Although canola has been on the rise, the trader said it was lagging behind the Chicago soy complex, but that is typical for the Canadian oilseed.
While Chicago soybeans and soyoil were up sharply, there was some selling of soymeal. Upticks in European rapeseed and the off session of Malaysian palm oil provided further support.
Global crude oil prices have turned choppy, shifting back and forth from steady. That’s providing little direction to vegetable oils.
The Canadian dollar was higher at 77.80 U.S. cents, compared to Wednesday close of 77.69.
Approximately 12,600 canola contracts were traded as of 10:22 CDT.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
Price Change
Canola Nov 842.90 up 18.50
Jan 851.50 up 18.30
Mar 859.30 up 17.80
May 865.70 up 17.20
