By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 27 (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, bouncing back from lows earlier in the week.
One Winnipeg-based trader said canola was “due for a bounce” after incurring losses over several days.
The price rebound was supported by meagre gains in soyoil on the Chicago Board of Trade, though markets in the United States are quiet on the eve of the Thanksgiving holiday.
The announcement that employees of Canadian National Railways (CN Rail) will return to work after a weeklong strike also provided some optimism to canola markets. A prolonged strike could have impacted canola supply chains to export markets.
A slightly stronger Canadian dollar kept a lid on canola prices. The dollar was around 75.27 U.S. cents at midday.
About 9,700 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Jan 458.80 up 1.30
Mar 467.80 up 1.40
May 476.60 up 1.60
Jul 483.10 up 1.60
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