WINNIPEG – The ICE Futures canola market was lower Thursday morning mainly due to weakness in crude and vegetable oils.
Crude oil prices were dropping as part of a broad commodity selloff. The United States dollar rose after the Federal Reserve announced on Wednesday it raised its key interest rate by 75 basis points.
Chicago soyoil, European rapeseed and Malaysian palm oil all traded lower.
The Canadian dollar tumbled by nine-tenths of a U.S. cent.
Much of Alberta and Saskatchewan will be below freezing today as the system that brought snow to Alberta the past few days will go into Saskatchewan today. In southern Manitoba, skies will be mostly clear and just above freezing after some places hit 20 degrees Celsius on Wednesday.
About 4,900 canola contracts were traded as of 8:39 CDT.
Prices in Canadian dollar per metric ton as of 8:39 CDT:
Jan. 887.50 dn 7.30
Mar. 887.80 dn 9.30
May 892.30 dn 9.60
Jul. 892.80 dn 11.10
