Glacier FarmMedia -– Canola futures on the Intercontinental Exchange ended Wednesday in negative territory after showing gains for most of the session. Profit-taking and a drop in crude oil were the likely factors.
West Texas Intermediate crude oil was down after United States President Donald Trump suspended the Jones Act, which prevents foreign vessels to ship goods between U.S. ports. However, Brent crude oil remained higher. Crude oil prices affect vegetable oil prices, including those for canola.
Chicago soyoil was also lower while Malaysian palm oil was up and European rapeseed was mostly higher.
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The Bank of Canada and the United States Federal Reserve respectively announced today that they’re freezing their key interest rates.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday’s close.
There were 95,981 canola contracts traded on Wednesday, compared to Tuesday when 96,162 contracts changed hands. Spreads accounted for 63,118 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
May 726.20 dn 3.30
Jul 737.30 dn 1.50
Nov 726.30 dn 1.00
Jan 730.50 dn 1.10
Spread trade prices are in Canadian dollars:
May/Jul 9.00 under to 11.80 under 19,763
May/Nov 4.30 over to 0.50 under 1,145
May/Jan 0.10 over to 4.30 under 6
Jul/Nov 13.80 over to 9.90 over 8,858
Jul/Jan 9.10 over to 5.60 over 19
Nov/Jan 4.10 under to 4.70 under 1,318
Nov/Mar 6.70 under to 7.60 under 20
Nov/May 7.80 under to 8.10 under 41
Jan/Mar 2.40 under to 3.00 under 102
Jan/Jul 3.80 under to 5.10 under 183
Mar/May 0.50 under to 1.40 under 51
May/Jul 0.20 under to 0.50 under 29
Jul/Nov 25.00 over to 22.60 over 24
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