ICE canola retreats as BoC cuts interest rate

Glacier FarmMedia MarketsFarm – The ICE Futures canola market took a step back on Wednesday morning due to a lack of support from comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all lower to start the day. However, crude oil made gains after a drawdown in United States stockpiles.

The Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday’s close. The Bank of Canada announced today it will cut its key interest rate by 25 basis points at 4.5 per cent.

Roughly 20,200 contracts were traded. Prices in Canadian dollars per metric ton as of 9:00 CDT:

Nov.  670.00  dn  8.40

Jan.  674.10  dn  8.70

Mar.  676.80  dn  7.10

May   674.30  dn  5.00