WINNIPEG – The ICE Futures canola market was lower on Wednesday after consecutive days of rallies with pressure coming from weather and the Canadian dollar.
Dry conditions with cooler temperatures were expected for Saskatchewan and Manitoba on Wednesday while Alberta continued to deal with the mercury approaching 30 degrees Celsius.
Crude oil was slightly lower to start the day after the United States Labor Department announced that annual inflation eased off to 8.5 per cent in July, largely due to lower gasoline prices. Soyoil was mixed to start the day, while European rapeseed was lower and Malaysian palm oil was higher.
The Canadian dollar gained three-tenths of a U.S. cent, putting pressure on canola prices.
About 3,400 canola contracts were traded as of 8:39 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:39:
Nov. 848.60 dn 5.30
Jan. 858.80 dn 4.80
Mar. 864.90 dn 5.30
May 870.00 dn 3.60
