By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 23 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Wednesday morning, due to weakness in Chicago soyoil and from harvest pressure.
Soyoil was down nearly eight-tenths of a cent, and there were declines in European rapeseed and Malaysian palm oil.
Manitoba Agriculture reported the overall harvest reached 70 per cent complete, slightly ahead of the three-year average. The canola harvest was at 78 per cent finished and six points above its average pace.
Temperatures across the Prairies are forecast to be a little cooler today, with highs in the upper teens to low twenties Celsius. Going into the weekend there’s little chance of significant rain across the region.
The continued decline in the Canadian dollar provided support. The loonie was at 74.93 U.S. cents, compared to Tuesday’s close of 75.13.
About 5,900 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Canola Nov 517.40 dn 3.80
Jan 524.60 dn 4.10
Mar 530.90 dn 4.30
May 535.30 dn 3.50