WINNIPEG – The ICE Futures canola market was slightly higher on Thursday morning, trying to find direction despite stronger crude oil prices.
Sun and cloud with little precipitation are expected for the Prairies today with high temperatures ranging from 15 to 25 degrees Celsius. However, Saskatchewan and Manitoba should see some rain showers tomorrow and Saturday.
Crude oil prices were on the rise with traders weighing demand after the United States Federal Reserve announced yesterday it was raising its policy rate by 75 basis points to 3.25 per cent.
Chicago soyoil was also higher to start the day, while European rapeseed and Malaysian palm oil were mostly higher.
The Canadian dollar continued its ongoing weakness, declining four-tenths of a U.S. cent.
About 4,000 canola contracts were traded as of 8:43 CDT.
Prices in Canadian dollar per metric ton as of 8:43 CDT:
Nov. 806.10 up 3.90
Jan. 816.00 up 4.10
Mar. 823.50 up 4.20
May 824.20 up 2.10
