ICE canola extends rally

Glacier FarmMedia MarketsFarm – The ICE Futures canola market on Tuesday morning added onto Monday’s gains while showing independent strength.

Chicago soyoil was higher to start the day, but European rapeseed and Malaysian palm oil were down. Crude oil also declined due to lower demand from China.

The Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close. The Bank of Canada is largely expected to cut its key interest rate on Wednesday.

Roughly 15,200 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:

Nov.  677.50  up  4.40

Jan.  681.40  up  3.60

Mar.  684.50  up  4.70

May   682.30  up  5.20