ICE Canola Prices Turn Higher After Liquidation

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher, having turned around after successive days of losses.

Canola "got hammered" in long liquidation that has now run its course, and the oilseed looked to be oversold, a trader said Thursday.

"It is, however, lagging the soy market by quite a bit," the trader added, but suggested the sharp upticks in Chicago soyoil should be even stronger.

Besides those gains in soyoil, canola benefited from increases in Chicago soybeans, European rapeseed and Malaysian palm oil, while Chicago soymeal was lower. Global crude-oil prices were giving up their increases and were relatively steady.

The Canadian dollar was lower at 73.54 U.S cents compared to Wednesday's close of 73.67.

Approximately 32,150 canola contracts were traded as of 11:45 a.m. EST.

Prices in Canadian dollars per metric ton:

Price Change

Canola

Jan 663.30 up 13.40

Mar 672.30 up 13.00

May 680.00 up 12.30

Jul 686.00 up 11.50

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

12-07-23 1226ET