WINNIPEG – The ICE Futures canola market was higher to start the week as the nearby November contract gets set to expire.
Crude oil softened Monday morning due to weak economic data from China, but production cuts from OPEC+ are expected to begin in November.
Chicago soyoil traded higher, as well as European rapeseed. Malaysian palm oil was trading steady to higher.
The Canadian dollar has already lost one-quarter of a United States cent on Monday morning.
Some parts of Alberta and Saskatchewan will see precipitation in the form of either rain or snow on Monday with high temperatures failing to exceed 10 degrees Celsius. In southern Manitoba, the forecast is sunny and around 14 degrees.
About 5,200 canola contracts were traded as of 8:46 CDT.
Prices in Canadian dollar per metric ton as of 8:46 CDT:
Nov. 909.10 up 6.90
Jan. 880.10 up 16.00
Mar. 884.90 up 15.50
May 889.40 up 15.30
