By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning, following the Chicago soy complex to the downside.
There is positioning on the Chicago Board of Trade ahead of today’s supply and demand estimates from the United States Department of Agriculture. Soybean production is expected to change very little, but corn output is expected to be scaled back. The report will be issued at 11 am CDT.
Losses in European rapeseed also weighed on canola values, but support came from gains in Malaysian palm oil. Global crude oil prices were a pinch lower which put a little bit of pressure on vegetable oils.
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Daytime highs on the Prairies are forecast to range from the mid-teens Celsius in Alberta to single digits in Manitoba. There are to be scattered showers over the eastern half of the region.
Manitoba reported that its province-wide harvest reached 79 per cent complete overall. The central region was furthest along at 92 per cent finished while the Interlake lagged behind the province at 64 per cent done.
The Canadian dollar was lower on Wednesday morning, as the loonie fell to 72.38 U.S. cents, compared to Tuesday’s close of 72.60.
About 5,050 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 855.70 dn 3.60
Jan 863.60 dn 4.00
Mar 870.50 dn 4.10
May 873.10 dn 3.00
