ICE canola rises on comparable oil gains

Glacier FarmMedia MarketsFarm – The ICE Futures canola market made gains on Wednesday morning, supported by sharp rises in comparable oils.

Chicago soyoil and Malaysian palm oil showed plenty of strength, while European rapeseed was mostly lower. Crude oil was up more than US$2 per barrel due to ongoing tensions in the Middle East.

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

Approximately 13,400 contracts were traded. Prices in Canadian dollars per metric ton as of 8:36 CDT:

Nov.  614.90  up  4.10

Jan.  627.60  up  3.60

Mar.  637.90  up  2.90

May   644.10  up  1.30