ICE Midday: Canola finding strength on lower loonie

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