WINNIPEG – At the start of trade on Thursday, the ICE Futures canola market was higher despite weakness in most comparable oils.
Crude oil was in decline due to the rising number of COVID-19 infections in China after the country eased its restrictions. A weaker U.S. dollar, the European Union and G7’s price cap on Russian oil and the re-opening of U.S. oil refineries after being shut down due to weather also affected prices.
Chicago soyoil was up, but European rapeseed and Malaysian palm oil were both lower.
The Canadian dollar was virtually unchanged from Wednesday’s close.
About 5,430 canola contracts were traded as of 8:40 CST.
Prices in Canadian dollar per metric ton as of 8:40 CST:
Jan. 867.00 up 8.00
Mar. 876.50 up 12.50
May 873.90 up 12.40
Jul. 870.00 up 10.40
