WINNIPEG, Manitoba--The ICE Futures canola market continued to take a plunge Tuesday morning due to spillover from falling crude oil prices.
The Prairies were expected to see sunny skies over the next few days with temperatures exceeding 30 degrees Celsius in Alberta and Saskatchewan. In Calgary and Edmonton, heat warnings were in effect.
Crude oil dropped after Iraq said that violent clashes inside the country will not affect exports. On Monday, prices jumped due to production outages in Libya. Falling prices spilled over into Chicago soyoil, as well as European rapeseed and Malaysian palm oil. The Canadian dollar was slightly lower, down one-tenth of a United States cent.
About 8,200 canola contracts were traded as of 8:47 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:47:
Nov 824.90 dn 13.60
Jan 831.80 dn 14.00
Mar 836.40 dn 15.10
May 837.80 dn 15.20
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires