By Marlo Glass, MarketsFarm
WINNIPEG, April 22 – ICE Futures canola contracts were lower at midday Wednesday, bouncing back from losses during two consecutive trading sessions.
One Winnipeg-based trader said bearish outside influences resulted in canola being oversold in previous sessions, but prices are now regaining ground. Short coverings were also a supportive factor.
Strength in Chicago soyoil was also supportive of canola prices.
Relative weakness in the Canadian dollar also provided a lift to canola. The dollar remained under 71 cents at midday.
Approximately 7,500 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola May 455.30 up 3.40
Jul 461.30 up 2.20
Nov 470.00 up 2.00
Jan 476.60 up 2.00
