WINNIPEG – The ICE Futures canola market was in decline Wednesday morning largely due to falling vegetable oil prices and spillover from broad selling in grain markets. Russia announced this morning it will re-enter an agreement to allow Ukrainian grain shipments on the Black Sea.
Crude oil was only on the negative side of unchanged as the market awaits a key interest rate announcement from the United States Federal Reserve later today. OPEC+ is also planning to cut crude oil production this month.
Chicago soyoil traded higher, while European rapeseed and Malaysian palm oil were lower.
The Canadian dollar was steady, increasing less than one-tenth of a U.S. cent.
Much of Alberta and parts of central Saskatchewan will be seeing snow on Wednesday, while southern Saskatchewan will be sunny with a high of around 10 degrees Celsius. Southern Manitoba will also be sunny with highs up to 20 degrees Celsius.
About 17,000 canola contracts were traded as of 8:35 CDT.
Prices in Canadian dollar per metric ton as of 8:35 CDT:
Jan. 880.20 dn 4.00
Mar. 880.70 dn 5.40
May 885.40 dn 6.40
Jul. 887.20 dn 7.20
