WINNIPEG – The ICE Futures canola market was slightly higher on Wednesday, receiving some spillover from rising veg oil prices.
Some areas in the Prairies are expected to hit temperatures exceeding 30 degrees Celsius in the coming days, which could stress canola crops.
Crude oil was a pinch higher, as tightening supply and recession fears pull prices in opposite directions. Prices for the Chicago soy complex rose significantly on Wednesday as well as European rapeseed. However, Malaysian palm oil was mostly lower.
The Canadian dollar moved very little against the U.S. greenback. The U.S. Federal Reserve will announce at 1 p.m. CDT its latest key interest rate hike, expected to be 0.75 of a point.
About 3,800 canola contract were traded as of 8:39 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:39:
Nov. 818.40 up 4.60
Jan. 827.20 up 5.10
Mar. 835.30 up 4.80
May 842.50 up 4.60
