WINNIPEG – The ICE Futures canola market corrected itself from Thursday’s downturn, getting support from Chicago soyoil and crude oil.
Chicago soyoil was up by approximately one United States cent per pound, while crude oil rose amid ongoing tensions in the Middle East. Limiting canola’s gains were European rapeseed and Malaysian palm oil, which were lower.
The Canadian dollar was up more than one tenth of a U.S. cent compared to Thursday’s close.
High temperatures on the Prairies will be in the double digits but won’t exceed 20 degrees Celsius. There will also be a chance of showers in central Saskatchewan and southern Manitoba.
One analyst said that canola’s rise was underpinned by price movement in crude oil.
About 29,500 contracts have traded at 10:26 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 697.90 up 5.70
Jan 709.30 up 4.10
Mar 717.20 up 3.90
May 722.00 up 3.70
