By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly steady to higher at midday Wednesday, garnering support from Chicago soyoil.
“We got soyoil at a seven-month high and that’s certainly a supportive factor in continuing to underpin the market,” a Winnipeg-based trader commented.
However, the Canadian dollar moved above 76 U.S. cents, which caused earlier gains in canola to be pulled back. Presently the loonie was at 76.06 U.S. cents, compared to Tuesday’s close of 75.79.
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The trader noted that the bulk of the canola harvest is still down the road and not much of a factor at this point.
In the weekly crop report from Manitoba Agriculture, approximately two per cent of the province’s canola has been combined. That’s well behind the three-year average of 24 per cent completed. The report also said a large amount of canola has been swathed.
Statistics Canada issues its next report on principal field crops on Monday. The trader said the survey for the report was taken in July, when dry conditions weren’t the threat to yields as they could be now. In the meantime, Agriculture and Agri-Food Canada released its monthly production report on Tuesday, which forecast canola production at 18.875 million tonnes and yields at 2.27 tonnes per hectare.
Approximately 10,800 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 491.90 up 0.90
Jan 499.50 up 0.60
Mar 505.00 unchanged
May 509.60 dn 0.70
