WINNIPEG – The ICE Futures canola market continued its downward slide on Wednesday, although not at the same level as the day before when United States House Speaker Nancy Pelosi visited Taiwan to China’s dismay.
While extreme weather hit parts of Alberta and Manitoba on Tuesday, most of the Prairies were expected to see high temperatures in the mid-20 degrees Celsius.
Crude oil was only on the positive side of unchanged, with tightening supply outweighing an announcement by OPEC+ that it will only increase production by 100,000 barrels per day in September. Soyoil was slightly higher, as well as European rapeseed and Malaysian palm oil. The Canadian dollar brought pressure onto canola prices, up more than one-tenth of a U.S. cent this morning.
About 8,000 canola contracts were traded as of 8:38 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:38:
Nov. 838.90 dn 9.50
Jan. 847.80 dn 10.50
Mar. 855.10 dn 11.50
May 859.00 dn 13.00
