By Glen Hallick, MarketsFarm
WINNIPEG, August 14 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Wednesday morning, getting support from stronger European rapeseed and Malaysian palm oil bids in the overnights. However, the Chicago soy complex was lower and tempered gains.
Precipitation this week helped struggling crops, but most of the Prairies remains dry and that’s enough to keep some weather premium on bids. More rain has been forecast for the northern and central growing areas over the next few days.
After closing Tuesday at 75.55 U.S. cents, the Canadian dollar was down Wednesday morning, with the loonie at 75.13.
About 2,200 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Canola Nov 451.50 up 2.50
Jan 459.50 up 2.30
Mar 466.90 up 2.30
May 473.00 up 2.20