CNS Canada — The falling price of crude oil is a bearish force weighing on many agricultural commodities, including canola, according to a Prairie market analyst.
“Crude oil has been a driver of this weakness,” said Errol Anderson, president of ProMarket Communications in Calgary.
In the past month, crude oil dropped roughly US$9 per barrel while canola fell C$28 a tonne.
NYMEX’s August crude oil contract was valued May 23 at US$51.64 a barrel. By Friday morning, June 23, it was US$42.90.
On May 23,...