Canola Futures Rebound as Crude Oil Prices Dip
ICE canola futures rebounded on Tuesday morning after Monday's losses. Despite crude oil prices dropping due to the resumption of operations at the Port of Yanbu and the East-West pipeline in Saudi Arabia, Chicago soyoil and European rapeseed were higher, providing support for Canadian canola.
Rain is forecasted for northern and central Alberta, but southern parts of the province and Saskatchewan will be dry with temperatures reaching up to 20 degrees Celsius. In Manitoba, southwestern areas will be clear while Winnipeg will see some rain.
The Canadian dollar was down by one-tenth of a U.S. cent compared to Monday's close. Nearly 23,200 contracts were traded, with prices in Canadian dollars per metric ton being: Nov at $822.50 (up 13.50), Jan at $835.40 (up 13.60), Mar at $843.10 (up 12.60), and May at $845.60 (up 11.30).