WINNIPEG – The ICE Futures canola market stepped back Thursday morning due to losses in veg oils, as well as weather-related pressures.
The weather forecast for the Prairies was mainly sunny for today, while temperatures will hit the high 20 degrees Celsius and even into the low 30s in Alberta and Saskatchewan.
Crude oil was slightly higher to start the day due to falling stockpiles in the United States and the possibility of production cuts by OPEC+. Chicago soyoil is slightly higher, but European rapeseed and Malaysian palm oil were both lower. The Canadian dollar put pressure on canola, gaining more than one-tenth of a U.S. cent.
About 7,300 canola contracts were traded as of 8:41 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:41:
Nov. 836.90 dn 6.70
Jan. 846.00 dn 6.30
Mar. 851.40 dn 6.60
May 849.10 dn 10.90
