WINNIPEG – The ICE Futures canola market was a little bit lower to start off the week, searching for direction.
The Prairies were mostly sunny over the weekend with normal temperatures, causing slight weather-related pressure onto prices. However, some areas of Alberta and Saskatchewan were in need of some substantial precipitation, but an upcoming system will bring the most rainfall in Manitoba.
Crude oil prices were higher on Monday morning, as they fluctuated between tightening supply and recession fears. While Malaysian palm oil was higher to start the day, Chicago soyoil and European rapeseed were lower.
The Canadian dollar was only up by one-tenth of a cent compared to Friday’s close as the United States greenback weakened.
About 4,700 canola contracts were traded as of 8:56 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:56:
Nov. 798.30 dn 4.10
Jan. 806.80 dn 3.80
Mar. 814.40 dn 3.90
May 819.60 dn 3.80
