By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were bouncing either side unchanged on Wednesday morning, with a rally quite unlikely said an analyst.
The change in weather, away from the dry conditions earlier this summer, has been impacting the futures the analyst said. He forecast the canola harvest to be average after facing something that could have been worse off.
For Wednesday, rain and thunderstorms are expected across most of the Prairies, with the eastern half of the region to see temperatures push towards the low 30 degrees Celsius.
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The analyst added China’s tariffs on Canadian canola continue to weigh on values.
Support for canola was coming from increases in Chicago soybeans and soymeal, along with European rapeseed. Meanwhile, Chicago soyoil was to the downside and Malaysian palm oil was relatively steady. Upticks in crude oil were making their way into the vegetable oils.
The Canadian dollar dipped at mid-session Wednesday, with the loonie at 72.13 U.S. cents compared to Tuesday’s close of 72.19.
Approximately 18,500 canola contracts were traded as of 10:32 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 648.40 up 2.40 Jan 659.00 up 1.50 Mar 668.10 up 0.70 May 676.00 dn 0.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
