WINNIPEG – The ICE Futures canola market was slightly lower Friday morning, pulled down by sinking crude oil prices.
Crude oil was down by more than US$2 per barrel in early trade due to a number of central banks raising key interest rates, fueling fears of a worldwide recession.
Chicago soyoil was lower while European rapeseed was mostly lower. On the other hand, Malaysian palm oil was higher.
The Canadian dollar was down one-quarter of a United States cent from Thursday’s close.
About 7,100 canola contracts were traded as of 8:41 CST.
Prices in Canadian dollar per metric ton as of 8:41 CST:
Jan. 864.80 dn 3.20
Mar. 856.80 dn 1.80
May 849.70 dn 2.70
Jul. 842.50 dn 3.10
