ICE Canola Midday : Prices Fall Following Declines in Soy, Rapeseed

WINNIPEG, Manitoba-- Intercontinental Exchange canola futures were mostly lower at midday on Wednesday, with the losses in the new crop months.

Pressure came from declines in Chicago soyoil and European rapeseed, while increases in Malaysian palm oil offered support.

Chicago soybeans were mixed, and soymeal was down a slightly.

Global crude oil prices were relatively steady, which provided little direction to the vegetable oils.

Northern and southeastern Alberta were getting rain Wednesday, while Saskatchewan remained mostly dry.

Manitoba issued its crop report, noting spring planting was complete. However, there could be some reseeding in the southwest following a weekend storm. The province's canola ranged from the cotyledon to rosette, with some bolts on the earliest planted fields.

In the U.S., the Environmental Protection Agency has postponed its announcement on biodiesel blending requirements to June 21.

The Canadian dollar was stronger late Wednesday morning, with the loonie at 75.29 U.S. cents compared with Tuesday's close of 75.13.

Approximately 22,250 canola contracts were traded as of 11:18 EDT.

Prices in Canadian dollars per metric ton at 11:18 EDT:

 
   Canola       Price        Change 
   Jul          699.50       up 0.20 
   Nov          675.80       dn 0.70 
   Jan          679.80       dn 2.10 
   Mar          684.50       dn 3.50 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-14-23 1156ET