WINNIPEG – The ICE Futures canola market was lower on Tuesday morning with contributions from declines in crude and veg oil prices.
Most of the Prairie provinces were forecast to see some rain showers during the day with high temperatures expected to be under the 20-degree Celsius mark. In Alberta and Saskatchewan, overnight lows are only slightly above freezing, increasing the risk of frost.
Crude oil prices were slightly lower due to a stronger United States greenback while central banks in the U.S. and the United Kingdom prepared to raise their key interest rates later this week.
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The Canadian dollar dropped one-quarter of a U.S. cent this morning, providing support for canola. Statistics Canada announced today that the country’s year-by-year inflation rate was down to seven per cent in August, compared to 7.6 per cent in July.
About 5,000 canola contracts were traded as of 8:45 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:45:
Nov. 777.00 dn 9.60
Jan. 785.50 dn 9.70
Mar. 792.30 dn 10.00
May 794.70 dn 9.50
