By Glen Hallick, MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Wednesday morning retreating from the previous day’s highs.
There was slight weakness in the Chicago soy complex and Malaysian palm oil was lower. European rapeseed was higher to provide some support.
Rain is forecast to fall across most of the Prairies today, bringing another 25 to 75 millimeters to parts of Alberta and Saskatchewan.
The weekly crop report from Manitoba Agriculture, released on Tuesday, stated that fusarium head blight is a high to extreme risk across most of the province’s growing areas.
The Canadian dollar was slightly higher at 73.73 U.S. cents, compared to Tuesday’s close of 73.62.
About 4,800 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric tonne at 8:45 CDT:
Canola Nov 479.60 dn 0.70
Jan 485.90 dn 0.70
Mar 490.60 dn 0.80
May 492.20 dn 3.30