By MarketsFarm
WINNIPEG, Jan. 29 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing some follow-through buying on Tuesday’s recovery off of nearby lows.
After dropping sharply for three-straight sessions, canola finally uncovered some support on Tuesday and bounced off of its lowest levels since September. The correction was constructive from a chart standpoint, with oversold price sentiment bringing in some buying interest.
Gains in Chicago Board of Trade soyoil and Malaysian palm oil contributed to the firmer tone in canola.
However, soybeans were backing away from their overnight advances and analysts cautioned that the recovery in canola could prove short-lived.
About 9,200 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Mar 464.60 up 2.80
May 473.90 up 2.90
Jul 480.90 up 3.00
Nov 489.60 up 3.00
