By Glen Hallick, MarketsFarm
WINNIPEG, April 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning, following the trend in edible oils.
Chicago soybeans and soymeal were lower, while soyoil was relatively steady. Malaysian palm oil was mixed, while European rapeseed was down. Small gains in global crude oil prices were a little bit of support to edible oils.
Two systems have been forecast to bring precipitation to the Prairies. One is to move through Manitoba today, and another to cross over Alberta and Saskatchewan on the weekend.
The United States Department of Agriculture attaché in Canberra estimated the 2022/23 Australian canola crop to contract 26 per cent compared to the previous year’s harvest. If realized, the expected 4.7 million tonnes would still mark the country’s second biggest canola crop.
The Canadian dollar was lower on Wednesday morning with the loonie at 80.11 U.S. cents compared to Tuesday’s close of 80.31.
About 2,350 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola May 1,142.20 dn 5.60
Jul 1,115.70 dn 7.50
Nov 995.00 dn 5.70
Jan 995.10 dn 4.80
