ICE canola recovering from Thursday’s losses

The ICE Futures canola market sought to end the week on a high note, continuing its up-and-down trade over the past few days.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, providing support for the oilseed. Crude oil was also up, with gains of more than US$1 per barrel.

Canadian Labour Minister Steve MacKinnon ordered Canadian National Railway to go to binding arbitration with their workers on Thursday, with operations to resume as soon as possible.

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

Roughly 5,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:

Nov.  574.20  up  8.70

Jan.  586.00  up  8.00

Mar.  594.80  up  7.60

May   600.80  up  7.10