ICE canola makes gains on Wednesday morning

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was finding strength on Wednesday morning due to rising vegetable oils.

Chicago soyoil and Malaysian palm oil were up, while European rapeseed was mostly higher. However, crude oil corrected itself on Wednesday after making gains yesterday following China’s newly-announced economic stimulus package.

The Canadian dollar was up more than one-tenth of a United States cent compared to Tuesday’s close.

Approximately 19,100 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

Nov.  608.60  up  5.00

Jan.  620.10  up  4.00

Mar.  629.90  up  2.10

May   636.50  up  0.50