WINNIPEG – The ICE Futures canola market took a step back on Wednesday morning following a sharp drop in crude oil prices.
Crude oil lost more than US$3 per barrel due to an upcoming temporary Israel-Hamas ceasefire, as well as growing U.S. stockpiles and the OPEC+ meeting delayed to next week. Chicago soyoil was also down and European rapeseed was mostly lower. However, Malaysian palm oil was higher.
The Canadian dollar was down nearly one-quarter of a U.S. cent compared to Tuesday’s close.
Nearly 7,900 contracts were traded. Prices in Canadian dollars per metric ton as of 8:37 CST:
Jan. 715.50 dn 5.70
Mar. 719.30 dn 6.00
May 723.60 dn 6.30
Jul. 723.70 dn 6.70
