By Glen Hallick, MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Wednesday, deriving support from increases in rapeseed, palm oil and the soy complex, said a Winnipeg-based trader.
A heat wave throughout much of Europe has been pushing temperatures into the mid to high 30-degree Celsius range, according to weather reports. The heat has threatened the continent’s rapeseed crop, pushing up prices.
The monsoons in India have not delivered the expected rainfall, which in turn has pushed up palm oil prices.
The Chicago soy complex was making gains after United States Agriculture Secretary Sonny Perdue announced farmers who qualify for federal aid will receive at least US$15 per acre. The aid program compensates U.S. farmers caught up in the U.S./China trade war.
Approximately 9,400 canola contracts were traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Canola Nov 452.70 up 5.20
Jan 459.80 up 5.20
Mar 466.70 up 5.20
May 470.30 up 3.10