By Glen Hallick, MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Wednesday morning, as support from other edible oils was countered by planting progress.
Gains in European rapeseed and Malaysian palm oil provided support, but there was little direction from steady Chicago soyoil values.
A stretch of good weather in Manitoba and Saskatchewan will result in more harvesting and planting being accomplished. Alberta is forecast to receive moderate to heavy rains as a system moves northward.
Manitoba Agriculture said planting progress improved from nine to 42 per cent complete in its latest weekly crop report issued yesterday. Saskatchewan issues its next crop report on Thursday and Alberta’s comes out on Friday.
The Canadian dollar was steady Wednesday morning at 72.03 U.S. cents, compared to Tuesday’s close of 71.98.
About 1,300 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric tonne at 8:45 CDT:
Price Change
Canola Jul 472.60 up 0.30
Nov 479.00 unchanged
Jan 485.70 up 0.20
Mar 491.10 up 0.20
