Glacier FarmMedia MarketsFarm – The ICE Futures canola market on Wednesday extended its losses from Tuesday due to weakness from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil all suffered substantial losses early in the day. Crude oil was also lower due to an expansion in United States stockpiles, but Middle East tensions and supply cuts from OPEC+ reduced price pressures.
The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Tuesday’s close.
Nearly 16,900 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:
May 631.80 dn 6.70
Jul. 640.80 dn 7.20
Nov. 648.50 dn 7.10
Jan. 657.00 dn 6.00
