By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, taking their cue from increases in Chicago soyoil, and other edible oils.
Uncertainty over this year’s Prairie crop continued to remain a concern for the trade. Statistics Canada projected the 2021/22 harvest to reap about 12.8 million tonnes, but there’s the likelihood of the crop coming in lower, which would intensify an already tight supply situation.
Manitoba reported late Tuesday afternoon that its harvest of major crops reached 78 per cent finished, with spring cereals virtually complete. The combining of canola was 84 per cent done.
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Temperatures across the Prairies remain conducive for harvesting, with daytime highs to be in the mid 20 degrees Celsius, expect for northern Alberta. That region is forecast to receive rain with highs in the mid-teens.
The Canadian dollar was relatively steady this morning with the loonie at 78.07 U.S. cents, compared to Tuesday’s close of 78.12.
About 2,800 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 870.50 up 9.90
Jan 864.60 up 9.70
Mar 855.00 up 9.80
May 836.90 up 7.20
