WINNIPEG – The ICE Futures canola market was higher on Thursday morning, largely due to strength in vegetable oils.
Rain was forecast for much of Alberta today with high temperatures in the low-20 degrees Celsius range. Meanwhile, in Saskatchewan, the mercury was expected to reach the high-20s with sunny skies. Southern Manitoba will have clear skies and temperatures in the low-20s.
Crude oil prices were practically unchanged this morning as potential production cuts by OPEC+ were weighed against a global outlook of declining demand.
Chicago soyoil was higher to start the day, as well as European rapeseed and Malaysian palm oil. The latter is coming off its lowest price in more than a year.
The Canadian dollar showed little direction, only down one-tenth of a United States cent.
About 11,600 canola contracts were traded as of 8:38 CDT.
Prices in Canadian dollar per metric ton as of 8:38 CDT:
Nov. 848.50 up 10.00
Jan. 856.00 up 9.10
Mar. 863.70 up 10.00
May 865.00 up 9.80
