WINNIPEG, (Manitoba): ICE canola futures ended unchanged on Wednesday, underpinned by concerns about hot, dry Canadian weather for newly planted crops and higher soybean prices.
Weather models show cooler Canadian temperatures and better rain prospects in the near future, however, a trader said. Most-active November canola settled unchanged at $647.40 per metric ton. The nearby July contract edged higher.
July-November canola spread, the most active inter-month spread, traded 9,681 times. US soybean futures rose ahead of the US Agriculture Department’s closely watched World Agricultural Supply and Demand Estimates report on Friday.
Euronext August rapeseed futures dipped. Seeding in the Canadian province of Manitoba is 97% complete, the provincial government said.
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