ICE Review: Canola Makes a Recovery
29/05/2024 (Market Screener), Manitoba - Intercontinental Exchange canola futures finished higher on Wednesday, due to positive spillover from other vegetable oils.
There were gains in Chicago soyoil, European rapeseed and Malaysian palm oil. However, pressure came from losses in
Chicago soybeans and soymeal. A moderate downturn in crude oil weighed on veg oil values.
Eastern Saskatchewan and the northern growing regions of Alberta are forecast to receive rain over the next couple of days.
Manitoba Agriculture reported overall spring planting in the province was almost two-thirds complete, with the canola at more than 40 percent in the ground.
The Canadian dollar dropped back by mid-afternoon Wednesday with the loonie falling to 72.93 U.S. cents compared to Tuesday's close of 73.32.
There were 30,983 contracts traded on Wednesday, compared to the 38,599 contracts that changed hands on Tuesday.
Spreading accounted for 16,398 contracts traded.