By Glen Hallick, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Thursday morning amid light volumes of trading.
There was support coming from the Chicago soy complex, as well as Malaysian palm oil and European rapeseed.
However, a slightly stronger Canadian dollar was tempering those gains. After the loonie closed on Wednesday at 73.87 U.S. cents, it was at 73.98 this morning.
In number of areas across the Prairies there are concerns about excessive moisture and crop diseases.
Canadian National and Canadian Pacific Railways reported this week they broke their respective records for grain movement. CN shipped 8.15 million tonnes and CP moved 8.40 million tonnes during the first quarter of 2020.
About 2,800 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric tonne at 8:48 CDT:
Canola Nov 480.20 up 1.10
Jan 486.10 up 0.40
Mar 491.30 up 0.90
May 494.80 up 0.60