WINNIPEG – The ICE Futures canola market incurred gains on Tuesday morning to go along with the mixed sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were lower to start the day, but European rapeseed was higher. Crude oil was also up due to supply cuts from Saudi Arabia and Russia but economic fears also put pressure on prices.
The Canadian dollar gained more than one-tenth of a United States cent compared to Monday’s close. The Bank of Canada (BoC) is expected to raise its key interest rate on Wednesday.
Nearly 7,800 canola contracts were traded. Prices in Canadian dollars per metric ton as of 8:45 CDT:
Nov. 785.80 up 4.40
Jan. 788.30 up 3.20
Mar. 789.00 up 1.60
May 789.80 up 2.90
