Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was mostly higher Wednesday morning as the July contract approaches its previous resistance level of C$690 per tonne. However, an analyst said canola is likely to trade sideways until planting conditions are more clear.
Meanwhile, Chicago soyoil was steady and European rapeseed was down, but Malaysian palm oil was making gains. Crude oil prices were in decline after Kazakhstan indicated it will produce more oil than its allotted quota imposed by OPEC+.
The Canadian dollar is down one-tenth of a United States cent compared to Tuesday’s close.
Nearly 10,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CDT:
May 670.40 dn 2.40
Jul. 683.80 up 4.30
Nov. 655.70 up 5.20
Jan. 660.50 up 4.20
