ICE canola bounces back on Wednesday

By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 22 (MarketsFarm) – The ICE Futures canola market was higher on Wednesday, recovering from yesterday’s losses.
A stronger tone for Malaysian palm oil, European rapeseed, and soyoil on the Chicago Board of Trade all lent strength to canola values. Canola is expected to see spillover buying from other vegetable oils today.
The Canadian dollar was slightly stronger on Wednesday, keeping a lid on further gains. The dollar was around 76.6 U.S. cents on Wednesday morning.
About 2,000 canola contracts had traded as of 8:30 CST.
Prices in Canadian dollars per metric ton at 8:30 CST:
Price Change
Canola Mar 479.40 up 2.60
May 488.40 up 2.80
Jul 492.80 up 2.80
Nov 496.70 up 3.40

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