ICE canola lower after rail shutdown

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was lower on Thursday morning, hours after both of Canada’s major railways were shut down due to a work stoppage.

At 12:01 a.m. this morning, Canadian National Railway and Canadian Pacific Kansas City failed to reach an agreement on new contracts with workers, represented by the Teamsters Canada Rail Conference.

Meanwhile, Chicago soyoil and European rapeseed were lower to start the day, while Malaysian palm oil was higher. Crude oil also made small gains amidst tensions in the Middle East.

The Canadian dollar was steady compared to Wednesday’s close.

Roughly 7,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

Nov.  573.70  dn  3.90

Jan.  585.60  dn  3.70

Mar.  593.80  dn  4.60

May   599.00  dn  6.10