WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were lower in the middle of Wednesday trading, pulled lower by falling crude oil prices.
Oil tanker traffic through the Strait of Hormuz is slowly returning to pre-war levels, with crude oil prices down by more than $3 per barrel. Chicago soyoil and Malaysian palm oil were also in negative territory, while European rapeseed was mixed.
An analyst said the possibilities of crude oil moving below $70 per barrel and Chicago soyoil less than 70 cents per pound weighed on canola prices. The analyst added that seasonal trends also contributed to canola's declines.
Parts of northern Alberta were under a heat warning with temperatures to exceed 30 degrees Celsius to go with chances of rain and thunderstorms. Southern Alberta will see sun and normal temperatures. Saskatchewan and Manitoba will be cool and rainy.
The Canadian dollar was down two-tenths of a U.S. cent compared to Tuesday's close.
