ICE canola starts week on the rise

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was higher on Monday morning supported by gains in comparable oils.

Chicago soyoil and Malaysian palm oil were up while European rapeseed was mostly higher. Crude oil rose another US$1 per barrel due to tensions between Israel and Iran.

The Canadian dollar was down more than one-tenth of a United States cent compared to Friday’s close. The Bank of Canada is expected to announce it will cut its key interest rate by 50 basis points on Wednesday.

Approximately 14,300 contracts were traded. Prices in Canadian dollars per metric ton as of 8:37 CDT:

Nov.  626.50  up 10.40

Jan.  635.00  up 10.50

Mar.  644.60  up 10.60

May   650.40  up  9.40