By Glen Hallick, MarketsFarm
WINNIPEG, June 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to pull back on Wednesday morning, generating so far the fourth consecutive day of losses in the old and new crop contracts.
There were declines in Chicago soybeans and soyoil, while soymeal made modest increases. European rapeseed and Malaysian palm oil were lower as well.
Canola across the Prairies was still benefitting from recent rains, but hot, dry weather remains in the forecast for the next day or two.
The Manitoba weekly crop report noted yesterday that flea beetles have been a problem for canola province-wide this spring, with some reseeding being necessary. Canola not reseeded ranged from emerging to leafing, depending on when it was planted.
The Canadian dollar was virtually unchanged this morning, with the loonie at 82.04 compared to Tuesday’s close of 82.05.
About 2,800 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 821.90 dn 24.00
Nov 708.40 dn 15.80
Jan 708.60 dn 17.10
Mar 707.00 dn 16.00
