WINNIPEG – The ICE Futures canola market was lower by the double-digits on Monday morning mainly due to declines in crude and veg oil prices.
Rain and the chance of thunderstorms were expected across the Prairies for today, with high temperatures in Alberta expected to be under the 20 degrees Celsius mark. However, harvests are still advancing in the region.
Crude oil prices went down as the central banks in Canada, the United States and the United Kingdom prepared to raise their respective key interest rates later this week. The United Arab Emirates also announced it will increase oil production in the country.
Chicago soyoil was lower, as well as European rapeseed and the off session of Malaysian palm oil.
The Canadian dollar fell below 75 United States cents this morning, providing some support for canola prices.
About 3,300 canola contracts were traded as of 8:38 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:38:
Nov. 780.30 dn 12.20
Jan. 788.70 dn 12.40
Mar. 796.20 dn 12.20
May 796.80 dn 14.00
