ICE Canola Rebounds on Weaker Canadian Dollar, Mixed Oils

WINNIPEG, Manitoba--The ICE Futures canola market rebounded, receiving support from a weaker Canadian dollar amid mixed sentiment in comparable oils.

One analyst said Monday sentiment toward canola is as bad as it had been over the past 35 years. While the analyst said that a sharp increase in prices should be imminent, it is hard to say when it will occur.

Chicago soyoil and Malaysian palm oil were up, while European rapeseed was down. Crude oil was lower on expectations the Federal Reserve will wait longer to cut interest rates.

The Canadian dollar was down one-half U.S. cent compared to Friday's close.

About 31,000 contracts traded at 11:13 a.m. EST.

Prices in Canadian dollars per metric ton:

 
   Contracts  Price   Change 
   Mar        598.00  up 5.90 
   May        604.00  up 5.40 
   Jul        608.40  up 5.80 
   Nov        608.90  up 6.40 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

02-05-24 1143ET