By Glen Hallick, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were adding more increases at midday Wednesday on top of yesterday’s upticks.
Although canola and other commodities have been pushing lower for the last number of weeks, an analyst noted there will always be time in which price will bounce back. He said these fluctuations are related to the movements in global crude oil price and in the United States dollar. Presently, crude was on the rise while the greenback was holding firm.
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Such was generating another day of strong upswings in the Chicago soy complex and European rapeseed, which were spilling over into canola. Small gains in the off session of Malaysian palm oil added more support. Tighter supplies of crude oil were forcing prices to climb higher, which benefitted vegetable oils.
Manitoba reported the province’s crop were in good condition, although there were some issues with fungal diseases caused by the wet conditions. Manitoba’s canola ranged from flowering or beginning fill pods.
Temperatures on the eastern Prairies have cooled somewhat. However, daytime highs across the entire region remain forecast to reach up to 30 degrees Celsius by the weekend.
The Canadian dollar was unchanged at 77.62 U.S. cents.
Approximately 11,900 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Nov 821.20 up 7.40
Jan 830.10 up 8.00
Mar 838.10 up 7.60
May 845.00 up 7.10
