Glacier FarmMedia MarketsFarm – The ICE Futures canola market was slightly lower on Wednesday despite positive sentiment in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were higher to start the day. Crude oil also moved upward, providing some relief from heavy losses over the past two days.
The Canadian dollar was up less than one-tenth of a United States cent compared to Tuesday’s close. Reactions to the Bank of Canada (BoC) cutting its key interest rate by 25 basis points could provide some direction.
Roughly 18,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:
Jul. 626.80 dn 1.20
Nov. 651.10 dn 0.10
Jan. 656.90 dn 0.40
Mar. 660.50 dn 1.20
