Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday as the oilseed recovered some of its losses from Tuesday.
An analyst said canola underwent a market correction as some believed futures were oversold. He also said rising soybean prices could also be supporting canola.
Chicago soyoil was down, but European rapeseed and Malaysian palm oil were up. Crude oil was lower after the Energy Information Administration forecasted larger global surpluses for 2025 and 2026.
Central and southern areas of Saskatchewan and Alberta will see rains and cooler temperatures today, while the Lethbridge area is forecast to see a high today of 31 degrees Celsius and sunny. Southern Manitoba will also see clear skies.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Tuesday’s close.
About 35,600 canola contracts have traded at 10:20 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 656.40 up 6.10
Jan 669.20 up 6.10
Mar 680.10 up 5.50
May 691.20 up 6.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
