Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to rise higher on Wednesday, although the gains have cooled from earlier today.
Chicago soyoil and Malaysian palm oil were up while European rapeseed was mostly higher in the middle of trading. Crude oil maintained its unfettered rise, gaining more than US$2.50 per barrel after Israel attacked Iran’s South Pars offshore oil field earlier today.
An analyst said oil prices should be higher, while the markets seem to act from a “glass is half-full” perspective.
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By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday morning, shedding overnight losses….
The Bank of Canada announced today it kept its key interest rate unchanged at 2.25 per cent despite inflationary pressures from the war. The United States Federal Reserve will announce its own decision later today.
The Canadian dollar was unchanged compared to Tuesday’s close.
About 49,700 canola contracts have traded at 10:13 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 731.00 up 1.50
Jul 741.80 up 3.00
Nov 729.80 up 2.50
Jan 734.40 up 2.80
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