WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher Wednesday morning, maintaining the gains from the overnight session.
Crude oil was up sharply on concerns of the Middle East war spreading to the Red Sea. The spillover pushed up the Chicago soy complex and most European rapeseed contracts, but Malaysian palm oil was relatively steady.
Hot temperatures across most of the Prairies has led to a premium in canola. By next week, daytime highs for the region are to reach into the 30-degree Celsius range with little rain.
Glacier FarmMedia analyst Bruce Burnett said the crops he saw during his crop tour through the Prairies to Ag in Motion looked "solid." However, Burnett said record canola production is unlikely given increased unharvested acres and reduced yields.
Manitoba reported its canola was largely between the bolting and flowering stages, while late planted fields were in the cabbage stage.
