By Marlo Glass, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – The ICE Futures canola market was on either side of unchanged at the start of Wednesday’s trading session.
Yesterday, the United States Federal Reserve cut interest rates by 0.5 per cent. The Bank of Canada is expected to follow suit today, which will likely provide a lift to agriculture commodity prices.
The soy complex on the Chicago Board of Trade provided some support to canola values. Soy oil futures were higher after Argentina announced it will increase soybean export taxes to total 33 per cent.
The Canadian dollar was slightly stronger, which put some pressure on canola prices. The dollar was around 74.93 cents on Wednesday morning.
About 4,000 canola contracts had traded as of 8:30 CST.
Prices in Canadian dollars per metric ton at 8:30 CST:
Price Change
Canola May 466.90 dn 0.30
Jul 474.70 up 0.10
Nov 484.00 up 0.60
Jan 490.50 up 1.20
