WINNIPEG – The ICE Futures canola market was slightly higher to start Tuesday, being aided by rising crude oil prices, after a large rally on Monday.
Crude oil jumped as the market awaits the United States Federal Reserve’s next key interest rate decision on Wednesday. OPEC+ is also planning on cutting crude oil production starting this month.
Chicago soyoil traded higher this morning, while Malaysian palm oil surged. European rapeseed, however, was mixed.
The Canadian dollar is limiting today’s gains in canola by already increasing half a U.S. cent from Monday’s close.
Periods of snow will fall on much of Alberta with Calgary under a snowfall warning. Central Saskatchewan will see rain later today, while southern Saskatchewan and southern Manitoba will be sunny and close to 14 degrees Celsius.
About 4,500 canola contracts were traded as of 8:39 CDT.
Prices in Canadian dollar per metric ton as of 8:39 CDT:
Jan. 880.30 up 1.30
Mar. 886.00 up 1.40
May 885.70 up 1.10
Jul. 893.40 up 0.40
