WINNIPEG, Manitoba--Intercontinental Exchange canola futures were sharply higher Monday morning due to a spike in global crude oil prices.
The OPEC+ alliance announced this morning they were cutting their oil production by 1.16 million barrels per day starting in May and going throughout the rest of the year.
As the spillover rippled through the markets, vegetable oils Chicago soybeans and soyoil were stronger, but soymeal stepped back a little. There were sharp increases in European rapeseed and Malaysian palm oil. All of this pushed canola upward by double digits.
With that upswing in crude oil and a slip in the U.S. dollar, the Canadian dollar rose to 74.31 U.S. cents this morning, compared with Friday's close of 73.89.
About 8,550 contracts had traded as of 9:36 EDT.
Prices in Canadian dollars per metric ton at 9:36 a.m. EDT:
Price Change
Canola May 786.40 up 18.50
Jul 767.20 up 17.70
Nov 738.30 up 17.20
Jan 739.80 up 15.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-03-23 1005ET
