By Glen Hallick, MarketsFarm
WINNIPEG, July 23 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Thursday morning, getting support from Chicago soyoil.
There was also support from Malaysian palm oil and European rapeseed.
Although the Canadian dollar was virtually unchanged this morning, at 74.51 U.S. cents, it’s rise this week has weighed on canola values.
Northern Alberta and the Peace River region received more rain yesterday, adding to their already excessive moisture levels. Precipitation during July so far has been at or near record levels.
Canadian Pacific Railway reported it moved more than 8.4 million tonnes of grain during the second quarter of 2020. Earlier this week, Canadian National Railway said it moved about 8.1 million tonnes of grain during the quarter.
About 2,600 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Price Change
Canola Nov 483.50 dn 0.10
Jan 490.90 up 0.10
Mar 496.30 unchanged
May 499.80 up 1.00
