ICE canola on the rise again

Glacier FarmMedia MarketsFarm – The ICE Futures canola market maintained its momentum on Tuesday morning, receiving plenty of support from comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher to start the day. Crude oil was also up.

The Canadian dollar increased less than one-tenth of a United States cent compared to Monday’s close. The Bank of Canada is expected to cut its key interest rate by 50 basis points on Wednesday.

Approximately 15,900 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:

Nov.  628.40  up  8.30

Jan.  639.10  up  8.20

Mar.  650.40  up  8.50

May   657.90  up  8.10