ICE canola reverses direction

Glacier FarmMedia MarketsFarm – The ICE Futures canola market made a correction on Tuesday morning, moving lower due to declines in other vegetable oils.

Chicago soyoil was down, as well as European rapeseed, while nearby Malaysian palm oil contracts were also in decline. However, crude oil was slightly higher.

Teamsters Canada Rail Conference served 72-hour strike notices to the Canadian National Railway and Canadian Pacific Kansas City on Monday. Meanwhile, both railways said they will lock out workers. The work stoppage is set to begin at 12:01 am ET on Thursday.

The Canadian dollar was up nearly one-tenth of a United States dollar compared to Monday’s close. Statistics Canada reported today the country’s annual inflation rate dropped to 2.5 per cent, its lowest level in more than three years.

Roughly 8,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:36 CDT:

Nov.  569.50  dn  4.00

Jan.  580.90  dn  2.90

Mar.  588.30  dn  3.60

May   593.70  dn  3.70