WINNIPEG – The ICE Futures canola market was higher on Friday morning despite a mixed tone in vegetable oils.
Crude oil continues its ongoing rise but its upside has been limited due to lingering concerns over a possible worldwide recession.
Chicago soyoil traded higher, while European rapeseed traded lower and Malaysian palm oil was mixed.
The Canadian dollar has lost two-tenths of a United States cent compared to Thursday’s close, which is supporting canola prices.
High temperatures in the Prairies will only be slightly into the double-digits Celsius on Friday and into the weekend. Precipitation, which in some parts could turn into snow, was expected as the weekend approaches.
About 5,300 canola contracts were traded as of 8:45 CDT.
Prices in Canadian dollar per metric ton as of 8:45 CDT:
Nov. 893.30 up 7.90
Jan. 879.50 up 3.20
Mar. 879.60 up 1.90
May 880.50 up 1.40
