By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Wednesday morning, as the oilseed continued to swing back towards the high end of its range.
Support for canola came from gains in the Chicago soy complex, Malaysian palm oil and European rapeseed. Upticks in crude spilled over into the oilseeds.
Although the November canola contract was still below most of its major moving averages, it surpassed its 20-day average.
Canola crush margins eased back with the November positions at C$131 to C$137 per tonne above the futures.
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Temperatures across the Prairies have been forecast to rise towards 30 degrees Celsius by Thursday. While the region is expected to remain largely dry, there will be scattered thunderstorms.
Manitoba reported its crops made good progress with the warmer conditions across the province. Its canola ranged from the rosette stage to early podding.
The Canadian dollar was only slightly higher on Wednesday morning, despite a significant pull back in the United States dollar. The loonie bumped up to 73.15 U.S. cents compared to Tuesday’s close of 73.07.
Approximately 14,100 contracts had traded by 8:45 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 632.60 up 11.40 Jan 639.50 up 11.20 Mar 645.50 up 11.90 May 650.50 up 13.00
