WINNIPEG – The ICE Futures canola market was lower to begin the month of September, mostly due to further declines in crude oil prices and weather pressures.
Alberta will see a brief reprieve from hot temperatures today, staying below 30 degrees Celsius. However, the rest of the Prairies will be under sweltering heat and temperatures during the Labour Day weekend were forecast to be above normal.
Economic growth concerns and a lockdown in the Chinese city of Chengdu to contain a COVID-19 outbreak caused crude oil prices to fall once again. Chicago soyoil was lower, as well as European rapeseed and Malaysian palm oil. The Canadian dollar was in the red again, falling by more than one-tenth of a U.S. cent.
About 4,300 canola contracts were traded as of 8:36 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:36:
Nov. 822.00 dn 13.40
Jan. 830.80 dn 13.40
Mar. 837.60 dn 13.80
May 848.90 dn 14.30
