By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – Canola futures on the Intercontinental Exchange were lower on Thursday morning but remained above C$800 per tonne.
Canola was getting pressure from losses in Chicago soyoil and European rapeseed. Gains in Chicago soymeal and soymeal, as well as Malaysian palm oil helped to temper further losses in canola. Modest declines in global crude oil prices weighed on vegetable oil values.
Heavy rain has been forecast for west of Edmonton along with storm developing over the eastern Prairies.
Saskatchewan is scheduled to issue its weekly crop report today. Good progress in the province’s harvest is expected.
The Canadian dollar was slightly lower on Thursday morning, with the loonie dipping to 73.71 U.S. cents compared to Wednesday’s close of 73.79.
About 5,000 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Nov 802.00 dn 4.50 Jan 809.10 dn 4.20 Mar 810.40 dn 4.80 May 811.30 dn 2.00
