WINNIPEG, Manitoba--The ICE Futures canola market posted solid gains on Wednesday, as excess moisture across parts of the Canadian Prairies flooded fields. The precipitation will likely lead to some lost acres.
Western Manitoba and eastern Saskatchewan received the brunt of the latest thunderstorm activity, with official Environment Canada rainfall totals topping 250 millimetres in Stonewall, Man. Winnipeg received 117 mm overnight, and many other areas also exceeded 100 mm after seeing heavy rains the previous weekend.
Gains in outside markets provided spillover support, with crude oil, Chicago soyoil, European rapeseed and Malaysian palm oil all higher.
The Canadian dollar was relatively steady, after the Bank of Canada left its key overnight interest rate unchanged.
There were 62,108 contracts traded on Wednesday, which compares with Tuesday when 72,998 contracts changed hands.
