WINNIPEG – The ICE Futures canola market was weaker on Wednesday morning due to declines in crude and vegetable oils.
Crude oil tumbled after reports surfaced that the European Union was considering putting a price cap on Russian oil between US$65 and US$70 per barrel. The rising number of COVID-19 cases in China was also putting pressure on prices.
Chicago soyoil was lower, while there were losses in most European rapeseed and Malaysian palm oil contracts.
The Canadian dollar stayed relatively steady, only down three-hundredths of a U.S. cent.
About 8,900 canola contracts were traded as of 8:38 CST.
Prices in Canadian dollar per metric ton as of 8:38 CST:
Jan. 823.00 dn 12.10
Mar. 819.10 dn 10.80
May 822.40 dn 11.50
Jul. 827.10 dn 11.80
