WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were on the rise Wednesday morning, correcting off contract lows following increases in comparable oils.
Gains in the Chicago soy complex, European rapeseed and Malaysian palm oil spilled over into canola. Small upticks in crude oil lent additional support.
The November canola contract remained well below its major moving averages, which weighed on values. Meanwhile, canola crush margins dipped with the November positions between C$108 to C$113 per tonne above the futures.
As the trade has been somewhat concerned about dryness on the Prairies, the eastern half is expected to get rain today, while the western portion won't see any precipitation until the weekend.
The likelihood of grain movement by rail grinding to a halt next week continued to loom in the background. Negotiations between Canada's two largest railways and the Teamsters have made little, if any progress, raising the spectre of a strike or lockout.
Manitoba reported combining of fall crops was underway, along with some spring cereals and pulses. The province's canola ranged from pod fill to being swathed.
The Canadian dollar held firm on Wednesday morning with the loonie at 72.90 U.S. cents compared to Tuesday's close of 72.87.
Approximately 13,750 contracts had traded by 9:41 EDT and prices in Canadian dollars per metric tonne were:
Canola
Price Change
Nov 576.70 up 8.10
Jan 588.00 up 9.00
Mar 597.50 up 9.50
May 601.10 up 7.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-14-24 1012ET
