WINNIPEG – The ICE Futures canola market was higher on Friday morning to go along with major gains in crude oil.
After speculation emerged that China would be making changes to its “zero-COVID” policy which had previously slowed down the country’s economy, crude oil rallied to its highest level in more than three weeks.
Chicago soyoil, European rapeseed and Malaysian palm oil all traded higher.
The Canadian dollar received a boost from rising crude oil prices, jumping by more than a United States cent.
For much of the Prairies, sun and cloud were forecast for Friday, only to see temperatures plunge as well as precipitation in the forms of rain and snow this weekend.
About 14,200 canola contracts were traded as of 8:48 CDT.
Prices in Canadian dollar per metric ton as of 8:48 CDT:
Jan. 905.90 up 9.00
Mar. 902.30 up 5.20
May 903.20 up 2.20
Jul. 904.40 up 1.00
