WINNIPEG, Manitoba--After a correction on Tuesday, the ICE Futures canola market resumed its recent rally despite mixed sentiment in comparable oils.
European rapeseed and Malaysian palm oil were higher on Wednesday, as well as soybeans and soymeal. However, Chicago soyoil was steady while crude oil continued its downturn because of economic concerns.
The Canadian dollar was down two-tenths of a U.S. cent compared to Tuesday's close, also bringing support to canola.
One trader said that while soymeal doesn't usually have a large effect on canola prices, gains of around $14 per short ton have caused very active oil/meal spreading, supporting canola prices. Crushers buying soybeans and concerns over Brazil's soybean crop may be supporting canola as well.
About 18,100 contracts traded as of 11:17 a.m. EST.
Prices in Canadian dollars per metric ton:
Contracts Price Change Jan 705.00 up 4.40 Mar 712.90 up 4.50 May 719.00 up 6.10 Jul 722.70 up 5.80
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
11-08-23 1155ET
