ICE Midday: Canola Rising Again

WINNIPEG, Manitoba--The ICE Futures canola market continued to expand its gains Tuesday with help from most comparable oils.

Chicago soyoil and European rapeseed were both on the rise, while crude oil also was higher as traders await the U.S. Federal Reserve's key interest rate decision Wednesday. However, Malaysian palm oil was lower after India implemented a new 20% import tax on edible oils.

One analyst had heard that a grain company was particularly aggressive in buying canola recently and added if the canola market's current momentum could bring the November price up to C$600 per tonne sooner than later.

The Canadian dollar was steady compared with Monday's close. Statistics Canada reported Tuesday the country's annual inflation rate dropped to 2% in August, the Bank of Canada's target rate.

About 19,700 contracts have traded at 11:18 a.m. ET. Prices in Canadian dollars per metric tonne:

Canola 
Price  Change 
Nov 573.50 up 8.80 
Jan 586.40 up 8.10 
Mar 597.80 up 7.10 
May 605.70 up 5.90 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 17, 2024 11:52 ET (15:52 GMT)

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