ICE canola inches higher

Glacier FarmMedia MarketsFarm – The ICE Futures canola market made small gains on Wednesday morning amidst mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were higher, while European rapeseed was down. Crude oil also pulled back due to larger United States stockpiles.

The Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday’s close. The Bank of Canada announced this morning it was cutting its key interest rate by 50 basis points.

Approximately 24,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:46 CDT:

Nov.  634.00  up  1.30

Jan.  647.20  up  2.70

Mar.  657.40  up  2.10

May   663.90  up  1.60