By Glen Hallick, MarketsFarm
WINNIPEG, May 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning, with the largest steps back in the new crop months.
The Canadian oilseed followed declines in Chicago soyoil and European rapeseed. There were increases in Chicago soybeans and soymeal, as well as Malaysian palm oil that tempered further losses. Gains in global crude oil prices lent support to edible oils.
Rain is forecast to come to southern Alberta and western Saskatchewan over the next couple of days, which would aid recently planted crops. A system today is adding more moisture to already drenched fields in southern Manitoba.
The latest Manitoba crop report pegged spring planting at four per cent complete – very far behind the five-year average of 50 per cent finished.
The Canadian dollar was relatively steady on Wednesday morning with the loonie at 77.95 U.S. cents, compared to Tuesday’s close of 77.92.
About 2,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola Jul 1,180.00 dn 10.00
Nov 1,078.00 dn 17.10
Jan 1,082.60 dn 17.00
Mar 1,092.30 dn 8.70
