WINNIPEG – The ICE Futures canola market was falling by the double-digits on Friday morning, largely due to plunging crude oil and lower vegetable oil prices.
Rain showers were forecast for most areas of the Prairies today with high temperatures in the upper teens. As for the weekend, sunny skies have been predicted for most parts.
Crude oil prices were dropping heavily due to increasing fears of a global recession, two days after the United States Federal Reserve raised its policy rate by 75 basis points to 3.25 per cent.
Chicago soyoil, along with European rapeseed and Malaysian palm oil were also lower to start the day.
The Canadian dollar fell three-tenths of a U.S. cent this morning, continuing a lengthy downturn.
About 4,700 canola contracts were traded as of 8:44 CDT.
Prices in Canadian dollar per metric ton as of 8:44 CDT:
Nov. 806.20 dn 13.40
Jan. 815.70 dn 13.40
Mar. 823.40 dn 13.00
May 826.00 dn 13.00
