By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Wednesday, getting spillover from slight increases in Chicago soybeans, according to an analyst.
Additional support cam from gains in Chicago soymeal and European rapeseed. However, pressure from losses in Chicago soyoil and Malaysian palm oil tempered further gains in canola.
The analyst commented as well that canola had become oversold when the nearby November contract fell below C$740 per tonne. Although farmer selling has reportedly diminished, canola was having a difficult time on Wednesday returning to that level and staying there.
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Prairie temperature are to be moderate today, with rain forecast for northern parts of Alberta and Saskatchewan as well as the latter’s southeastern corner.
Manitoba reported its harvest was 64 per cent complete overall, with canola at 55 per cent finished.
The Canadian dollar continued to rise at mid-Wednesday morning with the loonie at 74.62 U.S. cents compared to Tuesday’s close of 74.48.
Approximately 28,250 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change Canola Nov 737.90 up 3.60 Jan 746.60 up 3.00 Mar 753.00 up 2.50 May 759.10 up 1.80
