By Glen Hallick, MarketsFarm
WINNIPEG, May 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures saw gains in the nearby contracts on Wednesday morning while the more deferred positions were lower.
The Chicago soy complex was lower, as were European rapeseed and Malaysian palm oil. Slight upticks in global crude oil prices helped to temper further losses in the veg oils.
Manitoba issued its first crop report of 2023, which pegged spring planting at 25 per cent complete, far behind the five-year average of 63 per cent finished. The report placed canola seeding at eight per cent done as other crops with a longer growing period were being planted first.
The Canadian dollar was relatively steady on Wednesday morning, with the loonie at 74.35 U.S. cents compared to Tuesday’s close of 74.32.
About 7,000 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Jul 731.50 up 2.30 Nov 699.30 up 0.10 Jan 701.10 dn 1.40 Mar 703.80 dn 2.10
