By Glen Hallick, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Wednesday, following the declines in the overnight session.
Losses in global crude oil prices continued to put pressure on vegetable oils. Chicago soyoil was narrowly mixed, while soybeans were mostly higher and there are gains in soymeal. A pull back in European rapeseed added more pressure on canola, which was lessened somewhat by increases in Malaysian palm oil.
Manitoba reported approximately 87 per cent of the crops have been planted for this spring. Despite a 22-point jump over the week, repeated rainfall will likely resulted in unseeded fields.
Rain continued in the western Prairies, with the system moving eastward. Dry weather for region is in the weekend forecast.
The Canadian dollar was slightly lower, with the loonie at 77.19 U.S. cents compared to Tuesday’s close of 77.28.
Approximately 9,700 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Jul 1,076.60 dn 19.70
Nov 1,030.50 dn 13.90
Jan 1,036.00 dn 13.60
Mar 1,039.00 dn 12.10
