ICE Canada Morning Comment: Another Round of Being Down

WINNIPEG--Intercontinental Exchange canola futures continued to pull back on Wednesday morning, generating so far the fourth consecutive day of losses in the old and new crop contracts.

There were declines in Chicago soybeans and soyoil, while soymeal made modest increases. European rapeseed and Malaysian palm oil were lower as well.

Canola across the Prairies was still benefiting from recent rains, but hot, dry weather remains in the forecast for the next day or two.

The Manitoba weekly crop report noted Tuesday that flea beetles have been a problem for canola province-wide this spring, with some reseeding being necessary. Canola not reseeded ranged from emerging to leafing, depending on when it was planted.

The Canadian dollar was virtually unchanged Wednesday morning, with the loonie at 82.04 compared with Tuesday's close of 82.05.

About 2,800 canola contracts had traded as of 9:35 a.m. ET.

Prices in Canadian dollars per metric tonne at 9:35 a.m. ET:

      Price  Change
Canola
  Jul 821.90 dn 24.00
  Nov 708.40 dn 15.80
  Jan 708.60 dn 17.10
  Mar 707.00 dn 16.00

Source: Commodity News Service Canada, news@marketsfarm.com


  (END) Dow Jones Newswires
  06-16-21 1004ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.