WINNIPEG – The ICE Futures canola market was higher Thursday morning largely due to rising crude oil prices.
High temperatures approaching 30 degrees Celsius along with some rainfall were expected for parts of Alberta and Saskatchewan later today. Meanwhile, southern Manitoba was expected to be cooler and sunnier.
Crude oil rallied to start Thursday after the International Energy Agency boosted its forecast for global demand growth this year. Meanwhile, soyoil was higher, while both European rapeseed and Malaysian palm oil were mostly lower. The Canadian dollar continued to make gains against the United States greenback, but only by six-hundredths of a U.S. cent.
About 3,700 canola contracts were traded as of 8:35 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:35:
Nov. 862.60 up 6.60
Jan. 869.80 up 4.80
Mar. 875.10 up 3.80
May 875.20 up 2.40
