By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Tuesday morning, due to gains in edible oils.
Chicago soyoil was up by about a third of a United States cent. There were also gains in European rapeseed and Malaysian palm oil.
The Canadian dollar was higher this morning, at 75.96 U.S. cents, compared to Monday’s close of 75.72. The loonie isn’t necessarily gaining strength on its own, rather it’s due to the U.S. dollar losing ground to other major world currencies.
Hot, dry weather is forecast to continue across Alberta and Saskatchewan for most of this week, with Manitoba being a little cooler. Rain is expected for the eastern Prairies and parts of northern Alberta later in the week.
About 1,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Nov 488.10 up 1.20
Jan 494.80 up 0.90
Mar 500.40 up 1.10
May 504.00 up 1.00
