WINNIPEG – The ICE Futures canola market is trading higher on Tuesday, with support from higher crude oil and veg oil prices.
Meanwhile, the Prairies are expected to see temperatures reach the low 30 degrees Celsius in a few days, which could put heat stress on canola crops. However, rains will accompany the heat.
Crude oil made gains to start Tuesday off with a tightening market outweighing recession concerns. The Chicago soy complex, as well as nearby Malaysian palm oil and European rapeseed are all rising in price.
Another supportive factor for canola prices is the Canadian dollar, which lost its gains yesterday.
About 3,300 canola contracts were traded as of 8:52 a.m.
Prices in Canadian dollar per metric ton as of 8:52:
Nov. 803.80 up 8.70
Jan. 812.10 up 8.70
Mar. 819.70 up 8.30
May 833.90 up 15.60
