WINNIPEG – The ICE Futures canola market was lower at midday on Wednesday amid a mixed sentiment in comparable oils.
The U.S. Department of Agriculture (USDA) will release its monthly supply/demand estimates at 11 a.m. CST. One analyst noted that trade activity for canola will be quiet until the report’s release. However, the analyst also said that the trade is starting to sell soyoil and buy soymeal, for which similar activity may be expected for canola.
Chicago soyoil was down and Malaysian palm oil was up. Meanwhile, European rapeseed was mostly higher. After its rally on Tuesday, crude oil remained on the rise due to United States Federal Reserve chair Jerome Powell indicated it would continue raising the key interest rate, as well as the prospects of tightening crude oil supply.
The Canadian dollar was mostly steady from Tuesday’s close.
Nearly 11,480 canola contracts were traded as of 10:31 CST.
Price Change
Mar 825.90 dn 6.60
May 824.00 dn 6.20
Jul 824.00 dn 6.40
Nov 804.30 dn 5.90
