WINNIPEG – The ICE Futures canola market rebounded after Tuesday’s losses, following the strength in comparable oils.
One trader said that canola’s rise was largely due to gains in the Chicago soy complex as prices for soybeans, soyoil and soymeal were all in positive territory.
Malaysian palm oil was higher as well, while European rapeseed was mixed. Crude oil also rose despite growing United States stockpiles and indicators that central bank may continue to raise their key interest rates.
The Canadian dollar was mostly steady compared to Tuesday’s close.
Nearly 20,530 canola contracts were traded as of 10:24 CST.
Price Change
May 819.00 up 0.80
Jul 815.60 up 1.70
Nov 792.40 up 3.70
Jan 798.60 up 5.30
