ICE canola making a slow climb

Glacier FarmMedia MarketsFarm – The ICE Futures canola market moved upwards coming out of the weekend despite a lack of solid direction from comparable oils.

While Malaysian palm oil was up, Chicago soyoil and European rapeseed were down. Crude oil was steady to higher due to demand concerns while ongoing tensions in the Middle East loomed in the background.

Teamsters Canada Rail Conference, representing more than 9,000 workers at the Canadian National Railway and Canadian Pacific Kansas City, served 72-hour strike notices to both railways, saying it plans to walk off the job at 12:01 a.m. ET on Thursday. Both railways say they intend to lock out the workers unless an agreement or binding arbitration is achieved.

The Canadian dollar was up nearly two-tenths of a United States cent compared to Friday’s close.

Roughly 9,300 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:

Nov.  567.00  up  2.90

Jan.  577.50  up  2.40

Mar.  586.30  up  1.90

May   592.60  up  2.70