WINNIPEG, July 19 (MarketsFarm) – The ICE Futures canola market is undergoing a correction on Tuesday after yesterday’s gains.
After crude oil rose over US$4 per barrel in Monday’s trading, it was seeing slight declines this morning. Both European rapeseed and nearby Malaysian palm oil are also in the red this morning.
Meanwhile, the Canadian dollar is making some gains against the United States greenback, moving up 0.2 of a cent and putting pressure on canola prices.
Manitoba could see some severe thunderstorms on Tuesday, with heavy amounts of rain to come with it. The weather forecast for the rest of the Prairies will be warm and sunny.
About 3,200 canola contracts were traded as of 8:46 a.m. CDT:
Prices in Canadian dollar per metric ton as of 8:46:
Nov. 841.10 dn 14.70
Jan. 849.20 dn 13.70
Mar. 854.90 dn 14.70
May 860.70 dn 13.30
