WINNIPEG – The ICE Futures canola market was lower on Tuesday morning mainly due to a drop in veg oil prices.
Cooler temperatures were expected for much of the southern half of the Prairies over the next few days, but they are expected to increase later in the week. Meanwhile, rain and thunderstorms are forecast for today across the region.
Crude oil was on the rise to start the day, continuing yesterday’s momentum after sharp losses Monday morning. Saudi Arabia’s oil minister said on Monday that OPEC+ may consider cutting production next month to stabilize the market. While Chicago soyoil was higher, both European rapeseed and Malaysian palm oil were lower. The Canadian dollar gained ground on the United States greenback by rising more than one-tenth of a U.S. cent.
About 8,700 canola contracts were traded as of 8:42 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:42:
Nov. 841.30 dn 5.50
Jan. 849.00 dn 6.30
Mar. 853.60 dn 5.60
May 854.20 dn 6.50
