By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were modestly lower on Wednesday morning, despite support from comparable oils.
There were gains in the Chicago soy complex and Malaysian palm oil, but European rapeseed was lower. Increases in crude oil spilled over into the oilseeds.
The United States Department of Agriculture is scheduled to release its June supply and demand estimates at 11 am CDT, with canola set to take direction from market movements in Chicago.
The November canola contract continued to lag well behind its 20, 50 and 200-day moving averages, but it was slightly above its 100-day average.
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Manitoba Agriculture reported spring planting advanced nine points on the week at 92 per cent complete provincewide, with the canola at 88 per cent finished. The department noted that due to wet conditions those yet to be seeded fields will likely lead to more canola being planted.
The Canadian dollar was stronger on Wednesday morning, with the loonie climbing to 73.05 U.S. cents compared to Tuesday’s close of 72.64.
Approximately 13,250 contracts had traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 627.00 dn 0.70 Nov 645.00 dn 1.80 Jan 652.20 dn 1.00 Mar 655.60 dn 2.00
