By Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were pushing lower at midday Wednesday.
An analyst said canola has been following Chicago soyoil. The latter was down slightly today after it incurred a huge drop yesterday.
He noted that good progress on the Prairies is pointing towards a nice canola crop, which added more pressure.
Meanwhile, Chicago soybeans and soymeal were up, but European rapeseed was to the downside. After large declines in Malaysian palm oil earlier today, there were small increases in its off session. Global crude oil prices were advancing, which lent support to the vegetable oils.
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Temperatures on the Prairies continued to climb, with heat warnings issued for south-central Saskatchewan and southern Alberta.
The Bank of Canada unexpectedly hiked its key interest rate by a full point, which brought it to 2.5 per cent. That saw the Canadian dollar jump to 77.21 U.S. cents, after closing Tuesday at 76.83.
Approximately 12,250 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 831.60 dn 2.80
Jan 839.00 dn 2.30
Mar 846.20 dn 1.50
May 850.90 dn 1.30
