WINNIPEG – The ICE Futures canola market made a big jump to start the week, fuelled by rising prices in the Chicago soy complex.
Chicago soyoil is higher, as well as European rapeseed and Malaysian palm oil. However, crude oil was lower as persistent recession concerns outweighed supply cuts.
The Canadian dollar was steady compared to Friday’s close. The Bank of Canada (BoC) will announce whether it will raise its key interest rate on Wednesday.
Nearly 11,150 canola contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CDT:
Nov. 777.30 up 18.60
Jan. 780.20 up 17.80
Mar. 781.20 up 16.10
May 784.70 up 17.80
