Glacier FarmMedia | MarketsFarm – The ICE Futures canola market continued its climb on Wednesday morning despite negative vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red. Meanwhile, crude oil was higher amid tensions in the Middle East and speculation the Biden administration may impose harsher sanctions against Russian oil.
The Canadian dollar was down less than one-tenth of a United States cent compared to Tuesday’s close. The Bank of Canada is expected to announce a 50 basis point cut to its key interest rate this morning.
Nearly 15,500 contracts were traded. Prices in Canadian dollars per metric ton as of 8:35 CST:
Jan. 622.20 up 0.50
Mar. 631.00 up 1.40
May 637.40 up 1.20
Jul. 639.90 up 0.90
