ICE Midday: Canola continues to move upward

Glacier FarmMedia MarketsFarm – The ICE Futures canola market maintained its positive momentum on Wednesday with plenty of support from vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil all made gains in the middle of trading. However, crude oil was slightly in the red.

One analyst believes November canola could be making a run at C$600 per tonne, with the possibility of moving up to C$625/tonne.

The Canadian dollar was steady compared to Tuesday’s close. The United States Federal Reserve is expected to announce its first key interest rate cut in four years later today.

About 23,000 contracts have traded at 10:22 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 580.90     up  6.50

Jan 593.50     up  6.10

Mar 605.00     up  5.90

May 613.20     up  5.60