Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued its ongoing rise in the middle of trading on Wednesday, finding support from vegetable oils.
Chicago soyoil, Malaysian palm oil and European rapeseed are higher. Grain trade group Coceral estimated this year’s combined European Union and United Kingdom rapeseed crop at 20.2 million tonnes, 1.1 million less than last year. Crude oil prices dropped ahead of an interest rate decision from the United States Federal Reserve.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Tuesday’s close.
One analyst confirmed that outside markets are giving a lift to canola prices, while another commented that the oilseed was “taking the lead”.
About 31,300 contracts have traded at 10:25 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 644.10 up 9.60
Jul 652.90 up 8.90
Nov 658.60 up 8.30
Jan 665.50 up 7.30
