Glacier FarmMedia MarketsFarm – The ICE Futures canola market received a big boost on Thursday from hot weather in western parts of the Prairies.
An analyst said that hot temperatures in Alberta and Saskatchewan during canola’s flowering stage could reduce yield potential. He added that lagging soybean prices could put pressure on the oilseed.
Chicago soyoil and European rapeseed also supported canola prices. However, Malaysian palm oil was down and crude oil corrected itself after Wednesday’s increases.
The Canadian dollar was steady compared to Wednesday’s close.
About 21,800 contracts have traded at 10:07 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 647.70 up 16.20
Jan 653.60 up 15.70
Mar 658.90 up 15.60
May 664.10 up 16.50
