ICE canola undergoes slight correction

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market showed some weakness on Wednesday morning, following declines in crude oil.

Crude oil dropped due to rising United States stockpiles and hawkish sentiment from the U.S. Federal Reserve. European rapeseed and Malaysian palm oil were higher while Chicago soyoil was slightly lower.

The Canadian dollar was down one-tenth of a U.S. cent compared to Tuesday’s close.

Nearly 18,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:37 CST:

Mar.  662.80  dn  1.80

May   672.40  dn  2.70

Jul.  676.00  dn  3.10

Nov.  653.00  dn  1.40