WINNIPEG – The ICE Futures canola market continued its upward trajectory on Wednesday morning, receiving support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher to start the day. Crude oil also made gains as the United States Bureau of Labor Statistics reported that the country’s inflation rate dropped by one percentage point to three per cent in June.
The Canadian dollar moved up one-quarter of a U.S. cent from Tuesday’s close. The Bank of Canada (BoC) is expected to raise its key interest rate by 25 basis points to five per cent later today.
Nearly 12,000 canola contracts were traded. Prices in Canadian dollars per metric ton as of 8:35 CDT:
Nov. 794.70 up 7.60
Jan. 796.00 up 6.00
Mar. 791.90 up 4.50
May 785.70 up 4.30
