By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Wednesday as comparable oils continued to make gains and with other supportive influences.
“The commercials are short and the farmers are short,” commented an analyst, noting a lack of selling and critically low canola supplies.
A lack of subsoil moisture across the Prairies has generated concerns about continued dry conditions in 2022, he added.
As European rapeseed and Malaysian palm oil reached new contract highs, the Chicago soy complex was pushing upward.
More support came from a lower Canadian dollar. The loonie was at 78.45 U.S. cents compared to Tuesday’s close of 78.86.
“How can canola go down?” the analyst quipped.
Manitoba reported that its harvest of major crops was 90 per cent complete, with canola at 94 per cent finished.
Approximately 12,200 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 894.60 up 8.90
Jan 884.20 up 9.20
Mar 873.60 up 8.40
May 849.90 up 5.40
