By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange turned lower Wednesday morning following an earlier spate of choppy trading.
A trader said there isn’t much to keep the “market lifted” and noted logistical issues have arisen due to the large Prairie harvest.
“We’re hearing crushers are pushing away trucks,” he said. “If you got grain or product to get to the ports and you can’t get railcars that causes a whole new problem.”
The Prairie forecast called for largely sunny skies and temperatures in from mid teen degrees Celsius to the low 20s.
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Manitoba Agriculture reported the province’s harvest reached 86 per cent complete as of Oct. 7, with the canola at 92 per cent finished.
Canola was getting spillover from strong gains in Malaysian palm oil, along with modest increases in the Chicago soy complex, but MATIF rapeseed was slightly lower. An upswing in crude oil underpinned the vegetable oils.
The Canadian dollar was virtually unchanged by mid-session Wednesday, with the loonie at 71.67 U.S. cents,
Approximately 42,900 canola contracts were traded as of 11:02 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 611.90 dn 3.10
Jan 625.80 dn 2.30
Mar 637.00 dn 2.30
May 646.90 dn 2.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
