WINNIPEG – The ICE Futures canola market showed declines on Friday morning, largely due to spillover from lower crude oil.
Rain and thunderstorms passed through both Saskatchewan and Manitoba on Thursday, but the weekend forecast was expected to have cool temperatures and calm conditions.
Crude oil was lower due to demand concerns. West Texas Intermediate (WTI) crude stayed below US$90 per barrel and crude oil prices are headed for their biggest weekly decline since April. European rapeseed was mostly lower, but Malaysian palm oil was higher and soyoil was mixed with a positive bias. The Canadian dollar was down two-thirds of a United States cent after Statistics Canada announced that 30,600 jobs were lost in July.
About 4,400 canola contracts were traded as of 8:39 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:39:
Nov. 837.00 dn 6.30
Jan. 852.90 dn 7.10
Mar. 852.80 dn 7.80
May 857.00 dn 8.30
