WINNIPEG – The ICE Futures canola market remained in a downturn Thursday morning, as it had been over the past three days.
A lack of inclement weather forecast for the Prairies on Thursday was putting pressure on canola prices. Despite the possibility of thunderstorms in southern Manitoba on Friday, normal temperatures and sunny skies are expected for the rest of the weekend.
Crude oil prices took a tumble to start Thursday off after a rise in gasoline stockpiles in the United States and greater output coming from Libya. Prices for European rapeseed were also falling, while those for Malaysian palm oil were on the rise.
The Canadian dollar was lower on Thursday, one day after Statistics Canada announced the annual inflation rate rose to a 39-year high of 8.1 per cent. Earlier today, the European Central Bank raised its key interest rate by one-half of a point, its first interest rate hike in 11 years.
About 4,700 canola contracts were traded as of 8:47 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:47:
Nov. 800.10 dn 17.10
Jan. 808.00 dn 17.50
Mar. 811.30 dn 21.60
May 815.10 dn 23.00
