WINNIPEG – The ICE Futures canola market was higher on Wednesday morning, receiving spillover from rising crude oil prices.
Sunny and above-average temperatures were forecast for parts of Alberta and Saskatchewan later today, hours after last night’s overnight temperatures went below freezing. In southern Manitoba, there will be a chance of showers with overnight lows approaching the freezing mark.
Crude oil prices jumped on Wednesday after Russian President Vladimir Putin announced a partial mobilization of military reservists, which may escalate the country’s invasion of Ukraine. The United States Federal Reserve was also expected to raise its key interest rate by at least 75 basis points later today.
Chicago soyoil was higher to start the day, along with European rapeseed and the off session of Malaysian palm oil.
The Canadian dollar was down at least one-quarter of a U.S. cent on Wednesday morning.
About 9,300 canola contracts were traded as of 8:49 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:49:
Nov. 794.70 up 9.10
Jan. 803.60 up 8.10
Mar. 812.40 up 9.30
May 819.00 up 13.40
