WINNIPEG – The ICE Futures canola market was stronger to start the week, receiving support from higher crude oil prices.
Sunny skies and unseasonably warm temperatures were forecast for much of Alberta on Monday with highs hitting 20 degrees Celsius and above. Saskatchewan and Manitoba will also see the sun with the mercury hitting double-digits for the former but just above freezing for the latter.
Crude oil prices were higher on Monday morning, despite Chinese President Xi Jinping saying earlier today that the country will continue its zero-COVID strategy, which has slowed down its economy.
Chicago soyoil was also stronger to start the day, as well as Malaysian palm oil. Meanwhile, European rapeseed was lower.
The Canadian dollar has rebounded, already moving half a United States cent higher than Friday’s close.
About 4,900 canola contracts were traded as of 8:41 CDT.
Prices in Canadian dollar per metric ton as of 8:41 CDT:
Nov. 865.20 up 2.90
Jan. 871.70 up 2.60
Mar. 877.20 up 2.10
May 880.10 up 3.20
