ICE Midday: Canola bounces back from Wednesday tumble

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market regained positive momentum on Thursday, getting more support from comparable oils.

Chicago soyoil was higher this morning as well as crude oil due to lower United States stockpiles. However, European rapeseed was mostly lower. There was no trading for Malaysian palm oil due to Diwali.

An analyst said tightness in vegetable oils, including smaller rapeseed crops in Russia and Ukraine, was supporting canola. The reason for canola’s downturn on Wednesday may have been rumours China will begin implementing retaliatory tariffs on Canadian canola next week.

There were no deliveries against November canola on the first notice day for the contract.

The Canadian dollar was up less than one-tenth of a U.S. cent compared to Wednesday’s close.

About 35,200 contracts have traded at 10:05 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jan 651.60     up 11.40

Mar 660.30     up 12.20

May 666.10     up 12.80

Jul 669.00     up 12.80