By Glen Hallick, MarketsFarm
WINNIPEG, July 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, benefitting from sharp upticks in the Chicago soy complex and in European rapeseed.
Additional support came from modest gains in global crude oil prices, while declines in Malaysian palm oil applied some pressure on further increases in vegetable oils.
Dry conditions across most of the Prairies continued to underpin canola values.
Crush margins remained on their downward trend, having forfeited about C$40 per tonne above futures over the last week.
Manitoba Agriculture reported the province’s canola ranged from flowering to pod filling, with the crop still in decent shape. Cooler temperatures helped to extend the flowering period.
The Canadian dollar was slightly higher on Wednesday morning, with the loonie at 75.95 U.S. cents compared to Tuesday’s close of 75.82.
About 10,000 contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric tonne at 8:33 CDT:
Price Change Canola Nov 842.60 up 9.10 Jan 836.10 up 11.00 Mar 825.00 up 9.60 May 810.10 up 7.20
