ICE canola regains strength

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market bounced back on Thursday morning, supported by rising comparable oils and a weaker Canadian dollar.

Chicago soyoil and European rapeseed are up to start the day, while Malaysian palm oil is higher in the nearby contracts. Crude oil is also moving upward after the United States Federal Reserve cut its key interest rates by 25 basis points on Wednesday.

The Canadian dollar is down by more than one-tenth of a U.S. cent compared to Wednesday’s close.

Nearly 9,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:36 CST:

Jan.  595.90  up  8.20

Mar.  601.30  up  7.00

May   607.90  up  6.90

Jul.  609.60  up  6.30