WINNIPEG – After three straight days of declines, the ICE Futures canola market was rebounding at midday as it took a page from crude oil and Chicago soyoil.
Crude oil was up more than one U.S. dollar per barrel, while Chicago soyoil continued its recent rally. However, European rapeseed was down.
The Canadian dollar fell back nearly three-tenths of a U.S. cent compared to Thursday’s close, giving a lift to canola prices.
One trader said that activity in crude oil, soyoil and the Canadian dollar, as well as a lack of harvest pressure were all factors affecting canola prices. The trader also added that prices are “bouncing off” the psychological support level of C$680 per tonne.
About 20,600 contracts have traded at 10:18 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 701.50 up 14.40
Mar 709.60 up 13.60
May 714.80 up 12.60
Jul 717.70 up 10.70
