ICE canola pulled downward

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was still in decline on Wednesday morning, dragged down by weakness in vegetable oils.

Malaysian palm oil, Chicago soyoil and European rapeseed all suffered heavy losses. Meanwhile, crude oil was higher due to tighter United States stockpiles.

The Canadian dollar dipped by less than one-tenth of a U.S. cent compared to Tuesday’s close. The U.S. Federal Reserve is expected to cut its key interest rates by 25 basis points later today.

Nearly 11,800 contracts were traded. Prices in Canadian dollars per metric ton as of 8:35 CST:

Jan.  585.70  dn  8.30

Mar.  594.20  dn  8.30

May   602.10  dn  7.60

Jul.  604.10  dn  8.10