ICE Midday: Canola eases into negative territory

Glacier FarmMedia MarketsFarm – The ICE Futures canola market slipped back into the red on Thursday despite mostly positive sentiment in comparable oils.

One trader said canola could be pivoting into a move sideways and could stay rangebound between C$560 to C$590. He also noted a lack of direction in soybeans.

Chicago soyoil was higher, as well as Malaysian palm oil. However, European rapeseed was mixed. Crude oil was also making small gains.

The Canadian dollar was up less than one-tenth of a United States cent compared to Wednesday’s close. Although the U.S. Federal Reserve cut its key interest rate by half of a percentage point on Wednesday, its first reduction in four years, it was having little effect on the commodities.

About 24,800 contracts have traded at 10:12 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 577.40     dn  5.70

Jan 589.80     dn  5.90

Mar 602.00     dn  5.40

May 610.80     dn  5.40