WINNIPEG – The ICE Futures canola market underwent some weakness to start trading on Tuesday.
Crude oil was making gains after reports on Monday saying that OPEC+ was planning on increasing output were denied by both Saudi Arabia and Kuwait. However, the rising number of new COVID-19 cases in China was still putting pressure on prices.
Chicago soyoil was higher, along with Malaysian palm oil. However, European rapeseed was mixed with a positive bias.
The Canadian dollar was on the rise, gaining two-tenths of a United States cent.
About 5,500 canola contracts were traded as of 8:35 CST.
Prices in Canadian dollar per metric ton as of 8:35 CST:
Jan. 839.70 dn 5.10
Mar. 833.10 dn 4.50
May 835.00 dn 4.90
Jul. 838.80 dn 5.10
