ICE Midday: Canola mixed in middle of trading

Glacier FarmMedia MarketsFarm – The ICE Futures canola market showed a lack of direction on Thursday to go along with mixed comparable oils.

European rapeseed and Malaysian palm oil made gains. However, Chicago soyoil was down and crude oil was lower as the trade weighed an upcoming meeting of OPEC+ and speculation over cuts to key interest rates in the United States.

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

One analyst said spreads between Canadian canola and European rapeseed prices are creating incentive for Canadian exports to Europe.

While most of the Prairies will be dry, southern Manitoba is forecast to see between 30 to 60 millimetres of rain on Friday.

About 19,000 contracts have traded at 10:15 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 667.00     up  1.40

Nov 688.40     up  0.60

Jan 695.30     dn  0.30

Mar 702.10     dn  0.50