Glacier FarmMedia | MarketsFarm – The ICE Futures canola market bounced back on Wednesday despite mixed sentiment in comparable oils, due to a weaker Canadian dollar.
Chicago soyoil and European rapeseed went up, while Malaysian palm oil was down. Crude oil was also slightly lower, being pressured by a stronger United States dollar.
One analyst said Chicago soyoil’s recent rise could potentially start a rally that would spill over into canola. The U.S. Department of Agriculture will release its monthly supply/demand estimates on Friday.
The Canadian dollar was down one-quarter of a U.S. cent compared to Tuesday’s close.
About 21,100 contracts have traded at 10:13 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 626.00 up 4.30
May 632.30 up 4.70
Jul 634.60 up 3.90
Nov 611.70 up 4.00
