WINNIPEG – The ICE Futures canola market took a plunge Tuesday morning, following suit with Monday’s negative movement in the Chicago soy complex and other veg oils when Canadian markets was closed. Coming out of the August long weekend, canola prices lost approximately $45 per tonne.
Despite above-average temperatures in Alberta, decent weather conditions in Western Canada put pressure on the canola market as temperatures in Manitoba are not expected to exceed 30 degrees Celsius this week.
Crude oil was slightly higher on Tuesday as recession fears and uncertainty over this week’s OPEC+ meeting outweighed weakening demand. Soyoil was down, while European rapeseed was entirely higher and Malaysian palm oil was mostly higher. The Canadian dollar opened the day less than one-tenth of a cent lower.
About 8,200 canola contracts were traded as of 8:40 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:40:
Nov. 845.80 dn 47.00
Jan. 855.10 dn 46.00
Mar. 862.70 dn 47.30
May 874.00 dn 41.10
