ICE Canola Moves Upward at Mid-Week

WINNIPEG, Manitoba--The ICE Futures canola market was slightly higher Wednesday morning amid mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were up to start the day, while European rapeseed was mixed. Crude oil was lower after the International Energy Agency trimmed its 2024 growth forecast by 140,000 barrels per day.

The Canadian dollar was up more than one-tenth of a U.S. cent compared to Tuesday's close. Annual inflation in the U.S. was reported to be 3.4% in April, compared to 3.5% the previous month.

Roughly 8,000 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:40 a.m. CDT:

 
                   Price    Change 
Canola        Jul  659.50  up  4.20 
              Nov  677.60  up  3.80 
              Jan  685.10  up  3.90 
              Mar  689.80  up  2.80 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-15-24 1009ET