ICE canola making gains on Wednesday

Glacier FarmMedia MarketsFarm – The ICE Futures canola market is seeing rising prices on Wednesday morning, deriving some strength from comparable oils.

Chicago soyoil and European rapeseed are higher to start the day, while Malaysian palm oil is lower. Crude oil is up more than US$1 per barrel due to fewer United States stockpiles and the threat of Hurricane Francine.

The Canadian dollar is steady compared to Tuesday’s close.

Roughly 6,500 contracts were traded. Prices in Canadian dollars per metric ton as of 8:43 CDT:

Nov.  575.50  up  5.50

Jan.  588.10  up  4.90

Mar.  600.00  up  5.10

May   610.40  up  6.40