WINNIPEG – The ICE Futures canola market was lower to begin Wednesday, but losses were capped by rising crude oil prices.
Chicago soyoil and European rapeseed were down to start the day, but Malaysian palm oil was up. Crude oil gained approximately two United States dollars per barrel due to Israel’s ongoing push into the Gaza Strip.
The Canadian dollar was steady compared to Tuesday’s close. The U.S. Federal Reserve will announce its latest key interest rate decision later today with many analysts expecting it to be left unchanged.
Nearly 7,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:
Jan. 676.80 dn 1.30
Mar. 685.80 dn 1.30
May 693.00 dn 1.70
Jul. 700.20 dn 1.20
