WINNIPEG--The ICE Futures canola market was lower Wednesday amid a mixed sentiment in comparable oils.
The U.S. Agriculture Department is scheduled to release its monthly supply/demand estimates at noon EST. One analyst noted that trade activity for canola will be quiet until the report's release.
However, the analyst also said that the trade is starting to sell soyoil and buy soymeal, and similar activity may be expected for canola.
Chicago soyoil was down and Malaysian palm oil was up. Meanwhile, European rapeseed was mostly higher.
After its rally Tuesday, crude oil remained on the rise after Federal Reserve Chairman Jerome Powell indicated the central bank would continue raising the key interest rate. Prices also were higher on the prospect of tightening crude-oil supply.
The Canadian dollar was mostly steady from Tuesday's close.
Nearly 11,480 canola contracts were traded as of 11:31 a.m. EST.
Price Change
Mar 825.90 dn 6.60
May 824.00 dn 6.20
Jul 824.00 dn 6.40
Nov 804.30 dn 5.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-08-23 1207ET
