By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) – After two days of increases, Intercontinental Exchange (ICE) canola futures continued climb upward on Wednesday morning, gleaning support from comparable oils.
There were gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. Small upticks in global crude oil prices only lent a little bit of support to the veg oils.
Although canola crush margins retreated by a few dollars, they remained quite strong.
Manitoba Agriculture reported the majority of the province’s canola crop was in the early to late pod filling stages, with some swathing and pre-harvest applications underway.
The Canadian dollar dipped further on Wednesday morning, with the loonie at 74.04 U.S. cents compared to Tuesday’s close of 74.17.
About 6,300 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change Canola Nov 783.50 up 6.10 Jan 789.60 up 6.10 Mar 792.10 up 5.40 May 791.70 up 5.30
