WINNIPEG – The ICE Futures canola market was reversing direction on Tuesday, showing small declines.
Chicago soyoil was down and European rapeseed was mostly lower. However, Malaysian palm oil prices were higher. Crude oil was also up amidst ongoing uncertainty in the conflict between Israel and Hamas.
The Canadian dollar was down more than one-tenth of a United States cent compared to Monday’s close. Statistics Canada reported on Tuesday that the country’s annual inflation rate dropped by 0.2 of a point to 3.8 per cent.
High temperatures will be in the double digits degrees Celsius across the Prairies today with Regina getting up to 20. However, rain is in the forecast for much of Alberta and Saskatchewan.
One analyst said that while declines in Chicago soyoil are dragging down canola prices, they are also receiving spillover support from crude oil.
About 16,800 contracts have traded at 10:12 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 721.80 dn 1.40
Jan 725.50 dn 1.70
Mar 730.80 dn 1.80
May 734.00 dn 2.00
