ICE Midday: July contract steady, new crop slightly higher

Glacier FarmMedia | MarketsFarm – The July canola contract on the Intercontinental Exchange remained steady in the middle of trading on Wednesday while new crop positions were modestly higher.

An analyst said rising soyoil prices should give canola a boost, but weakening basis levels could be an indicator of waning commercial demand. There are rains in the forecast for much of the southern Prairies in the coming days, which will help the region’s crops.

While Chicago soyoil was higher, European rapeseed and Malaysian palm oil were down. Crude oil only showed minor declines as increasing United States stockpiles outweighed worries of supply disruptions.

The Canadian dollar was up one-half of a U.S. cent compared to Tuesday’s close.

About 17,400 canola contracts have traded at 10:22 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 718.30     unchanged

Nov 682.70     up  1.70

Jan 688.90     up  1.90

Mar 694.60     up  2.00