By Glen Hallick, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were attempting to reverse on Wednesday morning, following several days of heavy losses. After making some gains in the overnight session, choppy trading led the Canadian oilseed to either side of unchanged.
There was support coming from upticks in the Chicago soy complex and European rapeseed, but losses in the off session for Malaysian palm oil applied some pressure to values. Small decreases in global crude oil prices spilled over into vegetable oils.
The Manitoba crop report noted that spraying operations are nearing completion and that crops are doing reasonably well.
Successive systems will continue to bring rain to the Prairies for the rest of this week.
The Canadian dollar was a pinch higher on Wednesday morning. The loonie rose to 76.76 U.S. cents, compared to Tuesday’s close of 76.70.
About 8,750 contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola Nov 828.10 dn 0.50
Jan 835.70 dn 0.70
Mar 844.80 up 0.90
May 851.30 up 1.40
