WINNIPEG – The ICE Futures canola market was higher to start the week, despite multiple factors pulling prices in opposite directions.
Heat warnings will continue in parts of Alberta over the next couple of days with much of the southern half of the Prairies forecast to have high temperatures today around 30 degrees Celsius.
Crude oil was lower on Monday morning as weakening demand has strengthened recession fears. Soyoil as well as European rapeseed were higher, while Malaysian palm oil was lower. Meanwhile, the Canadian dollar put pressure on canola by rising four-tenths of a U.S. cent.
About 4,700 canola contracts were traded as of 8:38 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:38:
Nov. 854.20 up 4.00
Jan. 864.70 up 4.70
Mar. 872.30 up 5.40
May 875.70 dn 4.50
