WINNIPEG, Manitoba--The ICE Futures canola market regained some strength on Wednesday thanks to supportive prices for comparable oils.
Chicago soyoil was slightly higher, while Malaysian palm oil and European rapeseed were up. Crude oil continued its rally due to tensions in the Red Sea.
The Canadian dollar is up less than one-tenth of a United States cent compared to Tuesday's close.
One trader said that while canola showed some firmness due to spreading, it is still in a down trend as surrounding factors failed to give the oilseed price support.
"It needs outside help to go up," the trader said. "We need stronger (crude) oil, we need a weaker Canadian dollar and soyoil is getting a bit sluggish."
About 22,550 contracts have traded at 11:12 a.m. ET.
Prices in Canadian dollars per metric ton:
Price Change
Jan 649.00 up 6.10
Mar 661.40 up 4.90
May 670.60 up 4.80
Jul 677.00 up 4.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-20-23 1146ET
