ICE canola jumps higher

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market moved up by double-digits in nearby contracts Thursday morning, strengthened by comparable oils.

Malaysian palm oil saw large gains, while Chicago soyoil was up by more than one United States cent per pound. European rapeseed and crude oil also moved higher.

The Canadian dollar was up one-tenth of a U.S. cent compared to Wednesday’s close. The Bank of Canada cut its key interest rate by 50 basis points on Wednesday.

Approximately 16,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:35 CDT:

Nov.  644.50  up 12.30

Jan.  657.50  up 11.70

Mar.  666.10  up  9.90

May   671.50  up  9.50