By Glen Hallick, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were easing back at midday Wednesday due to a lack of demand, according to a trader.
Pressure on canola also came from declines in European rapeseed. However, sharp upticks in global crude oil prices lent to edible oils. That spilled over into the Chicago soy complex and to Malaysian palm oil.
There was also some jockeying for position ahead of tomorrow’s supply and demand estimates from the United States Department of Agriculture. The average trade guess has U.S. soybean production increasing in 2022/23 compared to last year.
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Manitoba issued its first crop report of 2022 late yesterday afternoon. The report cited wet conditions as holding back spring planting, with less than one per cent of total intended acres being seeded.
As the Canadian dollar recovered from an 18-month low, the loonie climbed to 77.25 U.S. cents, compared to Tuesday’s close of 76.85.
Approximately 7,150 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Jul 1,129.70 dn 5.80
Nov 1,071.90 dn 4.70
Jan 1,075.50 dn 4.30
Mar 1,075.80 dn 1.90
