WINNIPEG – The ICE Futures canola market is continuing its downturn from Tuesday, remaining in the red Wednesday morning.
Crude oil is seeing declines to start off the day, in part due to rising gasoline stockpiles in the United States, which is spilling over into canola. European rapeseed is also moving downwards, while nearby Malaysian palm oil has increased. Soybean oil is also lower on Wednesday.
The Canadian dollar is slightly weaker after Statistics Canada reported on Wednesday that the annual inflation rate rose to 8.1 per cent in June, the highest level since January 1983 but slightly below analysts’ predictions.
After large amounts of rain fell in parts of Manitoba, the forecast for the next few days is showing normal temperatures and sunny skies.
About 2,400 canola contracts were traded as of 8:47 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:47:
Nov. 825.90 dn 13.10
Jan. 834.10 dn 12.40
Mar. 840.20 dn 13.30
May 844.60 dn 14.40
