WINNIPEG – The ICE Futures canola market was slightly lower to start the week, struggling to find direction.
Temperatures in Alberta and Saskatchewan were forecast to be unseasonably warm, reaching the mid-20 degrees Celsius range under sunny skies. Meanwhile, skies over Manitoba will also be clear, but high temperatures will be 10 degrees cooler.
Crude oil prices were only slightly higher on Monday morning after a large drop on Friday due to recessionary fears.
Chicago soyoil was on the negative side of unchanged, while European rapeseed was lower and Malaysian palm oil was mostly higher.
The Canadian dollar provided support to canola prices, moving lower by more than four-tenths of a United States cent.
About 7,300 canola contracts were moved as of 8:44 CDT.
Prices in Canadian dollar per metric ton as of 8:44 CDT:
Nov. 815.90 dn 2.80
Jan. 825.60 dn 2.40
Mar. 832.70 dn 2.50
May 833.80 dn 4.00
