By Glen Hallick, MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning, taking back yesterday’s gains and more.
Weakness in the Chicago soy complex and in European rapeseed weighed on canola values, along with more moderate declines in Malaysian palm oil. However, small increases in global crude oil prices were lending support to vegetable oils.
As temperatures across the Prairies were forecast to be around normal, the situation with wet and dry conditions remains the same. Crops are struggling in the drought areas of southern Alberta and western Saskatchewan, while most of those in the soggy eastern Prairies have yet to be planted.
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Manitoba issued its weekly crop report yesterday, showing planting progress of all crops reached 10 per cent province wide, well back of the five-average of 77 per cent complete. The report also noted that spring seeding is three to four weeks behind normal.
The Canadian dollar was lower on Wednesday morning with the loonie at 77.84 U.S. cents, compared to Tuesday’s close of 77.97.
About 2,950 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Jul 1,167.30 dn 18.60
Nov 1,048.60 dn 17.60
Jan 1,054.30 dn 17.90
Mar 1,056.70 dn 16.70
