WINNIPEG – The ICE Futures canola market was undergoing a correction Friday morning, largely due to lower crude oil prices after consecutive days of gains.
Thundershowers along with temperatures approaching 30 degrees Celsius were expected for parts of Alberta and Saskatchewan later today, while southern Manitoba will feel warm and sunny.
Crude oil was also taking a step back one day after a report from the International Energy Agency (IEA) suggested growing demand for the rest of the year. Soyoil was mixed, while European rapeseed was lower and Malaysian palm oil was higher. The Canadian dollar has dipped by one-fifth of a United States cent this morning.
About 5,000 canola contracts were traded as of 8:35 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:35:
Nov. 865.20 dn 1.70
Jan. 872.30 dn 2.70
Mar. 877.00 dn 3.90
May 876.90 dn 6.30
