Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued to show weakness on Wednesday to go with mixed sentiment in comparable oils as traders await the release of the United States Department of Agriculture’s monthly supply/demand report out later in the day.
While Chicago soyoil and European rapeseed were lower, Malaysian palm oil was higher. Crude oil also made gains due to a draw in United States stockpiles.
The Canadian dollar was up four-tenths of a U.S. cent compared to Tuesday’s close. The U.S. Federal Reserve is expected to keep its key interest rate steady when it announces its decision later today.
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One analyst noted that canola prices still have room to the downside until they reach support. The USDA is scheduled to release its June supply and demand estimates at 11 am CDT, with canola set to take direction from market movements in Chicago.
Unsettled weather will continue in the Prairies over the next five days, with northern and central regions getting 25 to 75 millimetres of rain, while the south would get 10 to 25 mm.
About 37,100 contracts have traded at 10:10 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 621.20 dn 6.50
Nov 639.70 dn 7.20
Jan 645.80 dn 7.40
Mar 649.10 dn 8.50
