WINNIPEG – The ICE Futures canola market was mixed with a negative bias on Friday despite rising crude and vegetable oil prices.
Crude oil made fractional gains on Friday morning as Iraq and Saudi Arabia plan on more meetings to stabilize the market, while the European Union works on a price cap for Russian crude oil and new COVID-19 cases continue to rise in China.
Chicago soyoil was slightly higher, while while there were larger increases in European rapeseed and Malaysian palm oil. The Chicago Board of Trade (CBOT) will have an abbreviated trading session on Friday, the day after Thanksgiving.
The Canadian dollar is down more than two-tenths of a United States cent this morning.
About 5,900 canola contracts were traded as of 8:48 CST.
Prices in Canadian dollar per metric ton as of 8:48 CST:
Jan. 821.20 up 0.60
Mar. 811.10 dn 1.60
May 814.00 dn 2.40
Jul. 819.00 dn 2.10
