WINNIPEG, Manitoba–Exiting Canada’s Thanksgiving Day weekend, the ICE Futures canola market started Tuesday lower, largely due to weakness in comparable oils and a stronger loonie.
Chicago soyoil was down, as well as European rapeseed and Malaysian palm oil. Despite the worsening conflict between Israel and the Gaza Strip, crude oil prices were slightly lower.
The Canadian dollar was up more than four-tenths of a U.S. cent compared with Friday’s close. The Bank of Canada didn’t have a closing exchange rate on Monday due to the holiday.
Temperatures in the high-teens to mid-20 degrees Celsius are expected for most of Alberta and Saskatchewan later Tuesday, while Manitoba will be barely in the double digits. Alberta will see some rain while the other two Prairie provinces will have sunny days.
Nearly 18,900 contracts were traded.
Prices in Canadian dollars per metric ton as of 8:41 a.m. CDT:
Price Change
Canola Nov 703.30 dn 7.30
Jan 709.50 dn 8.00
Mar 716.80 dn 8.60
May 721.60 dn 8.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-10-23 1019ET
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