WINNIPEG – The ICE Futures canola market began the session lower on Friday as a part of overall weakness on the markets. Canola hasn’t had two consecutive negative sessions in a month.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red to start the day. Crude oil was also in negative territory this morning.
The Canadian dollar was down more than one-tenth of a United States cent compared to Thursday’s close. Statistics Canada (StatCan) reported today that the country’s economy grew 0.3 per cent in May, while also estimating a contraction of 0.2 per cent in June as well as one per cent growth for the second quarter.
Nearly 6,050 canola contracts were traded. Prices in Canadian dollars per metric ton as of 8:44 CDT:
Nov. 812.60 dn 10.90
Jan. 814.80 dn 11.00
Mar. 813.40 dn 11.40
May 810.90 dn 7.30
