Glacier FarmMedia — Canola futures were higher on the Intercontinental Exchange on Thursday, as crude oil prices climbed further upward.
An analyst said there’s a small chance that canola could reach C$830 per tonne if the war in the Middle East persists.
Renewed Iranian attacks on oil facilities lifted crude oil prices with Brent crude oil exceeding US$110 per barrel earlier today. Meanwhile, West Texas Intermediate was close to reaching the US$100 mark for the first time since March 9.
Despite crude oil’s rise, Chicago soyoil was slightly higher, Malaysian palm oil was up and European rapeseed was down.
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By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Thursday morning, despite increases in…
The Bank of Canada and the United States Federal Reserve froze their respective key interest rates on Wednesday, citing inflation concerns.
The Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday’s close.
About 42,500 canola contracts have traded at 10:18 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 729.70 up 3.50
Jul 742.10 up 4.80
Nov 730.60 up 4.30
Jan 734.00 up 3.50
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