WINNIPEG – The ICE Futures canola market was mostly higher on Tuesday morning as traders await key interest rate decisions by central banks, including the United States Federal Reserve.
Chicago soyoil was slightly lower, while European rapeseed was mostly lower. Malaysian palm oil was also down this morning.
Crude oil also showed weakness as the Fed is expected to raise its key interest rate by 25 basis points on Wednesday. OPEC+ will also meet later this week to discuss its production policy.
The Canadian dollar was down more than a quarter of a U.S. cent from Monday’s close. Statistics Canada (StatCan) estimated on Tuesday that the country’s economy expanded at an annual rate of 1.6 per cent in the fourth quarter of 2022, down from 2.9 per cent in the third quarter.
Prices in Canadian dollars per metric ton as of 8:45 CST:
Mar. 831.90 up 4.00
May 830.40 up 3.60
Jul. 831.90 up 3.20
Nov. 808.00 dn 0.80
