ICE canola in the red again

WINNIPEG – The ICE Futures canola market has suffered morning losses on consecutive days, mainly due to overall weakness in the Chicago soy complex and crude oil prices.

All three Prairie provinces will see high temperatures rise above 30 degrees Celsius with Alberta and Saskatchewan implementing heat warnings. There was no rain forecast over the next few days.

Crude oil continued to drop as speculation grows that OPEC+ may choose not to cut production at next month’s meeting. Chicago soyoil was mixed with little direction, while European rapeseed was higher and Malaysian palm oil was lower.

The Canadian dollar was also lower, declining by more than one-tenth of a U.S. cent. This morning, Statistics Canada reported that the country’s economy grew at an annual rate of 3.3 per cent in the second quarter, below trade expectations of 4.4 per cent.

About 4,400 canola contracts were traded as of 8:43 a.m. CDT.

Prices in Canadian dollar per metric ton as of 8:43:

Nov. 831.10 dn 12.70
Jan. 838.50 dn 13.30
Mar. 843.90 dn 13.60
May 843.90 dn 14.00

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