WINNIPEG– The ICE Futures canola market was higher on Tuesday morning largely due to spillover from crude and veg oils.
Most of the Prairies will experience normal temperatures and sunny skies later today, putting weather-based pressure on canola prices.
Crude oil was higher to start the day, ignoring the possibility of weakening demand due to a potential recession. Soyoil was higher, as well as European rapeseed and Malaysian palm oil. The Canadian dollar is mostly steady, only down four-hundredths of a U.S. cent.
About 3,300 canola contracts were traded as of 8:37 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:37:
Nov. 853.40 up 6.40
Jan. 862.50 up 6.00
Mar. 869.40 up 5.90
May 874.00 up 6.10
