By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – Canola futures on the Intercontinental Exchange were narrowly mixed on Wednesday morning, due to losses in comparable oils. The most traded contracts were either below or around the psychological level of C$800 per tonne.
Pressure on canola came from declines in Chicago soybeans and soyoil, along with those in Malaysian palm oil. However, European rapeseed was mixed and there were slight upticks in Chicago soymeal helped to temper further losses. Global crude oil prices were lower, weighing on vegetable oil values.
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Manitoba Agriculture reported the harvest was 13 per cent complete provincewide, with winter cereals in the home stretch. Most of the province’s canola was in the late pod fill stage, while harvest came in at two per cent finished in the central region.
The Canadian dollar was lower on Wednesday morning, with the loonie slipping to 73.56 U.S. cents compared to Tuesday’s close of 73.81.
About 6,900 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Nov 795.40 dn 0.60 Jan 802.10 dn 0.40 Mar 805.00 up 0.10 May 803.20 up 0.80
