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ICE Canola Futures Higher, Supported by Crude, Veg Oils

WINNIPEG, Manitoba--The ICE Futures canola market was higher to start Tuesday, supported by rising crude and vegetable oil prices.

Conditions across the Prairies were forecast to be sunny and dry Tuesday, with high temperatures in most of Alberta approaching the 30-degree Celsius mark. In Saskatchewan, temperatures will hit the mid-20s, while in Manitoba, they will stay below 20 degrees.

Crude oil prices were slightly higher as the United States dollar weakened, despite concerns over weakening demand and the potential for a global recession.

Chicago soyoil was higher to start the day, as well as European rapeseed and Malaysian palm oil.

The Canadian dollar stayed relatively unchanged, remaining below 73 U.S. cents.

About 5,200 canola contracts were traded as of 8:47 CDT.

 

Prices in Canadian dollar per metric ton as of 8:47 CDT:

Canola      Nov   832.50  up 6.50 
            Jan   840.70  up 5.60 
            Mar   847.00  up 5.40 
            May   848.50  up 4.80 
 

Source: Commodity News Service Canada, news@marketsfarm.com

 

(END) Dow Jones Newswires

September 27, 2022 10:11 ET (14:11 GMT)

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