By Glen Hallick, MarketsFarm
WINNIPEG, July 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures weaker on Wednesday morning, after a series of sharp increases.
The declines were despite gains in the Chicago soy complex, as well as a small bump up in Malaysian palm oil. European rapeseed was lower.
The Prairie weather forecast was calling for hot, dry weather which placed further stress on crops throughout the region.
The Canadian dollar was rebounding this morning, with the loonie at 80.28 U.S. cents compared to Tuesday’s close of 79.91.
ICE reduced the daily limit to C$45 per tonne for Wednesday.
About 11,350 canola contracts had traded as of 9:00 CDT.
Prices in Canadian dollars per metric tonne at 9:00 CDT:
Price Change
Canola Nov 892.50 dn 24.30
Jan 881.10 dn 26.50
Mar 868.50 dn 24.00
May 829.10 dn 43.90
