WINNIPEG, Manitoba--The ICE Futures canola market consolidated on Wednesday's gains due to support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher. Meanwhile, crude oil was also in positive territory as optimism towards the recovery of Chinese demand outweighed concerns over monetary tightening from central banks.
One trader said that canola prices have fared very well in the face of corn and wheat selloffs, and could see them rise even further.
"It wouldn't surprise me to see the May contract move to C$830 or C$835 per ton. I can't see canola breaking C$840 right now, but we could go up to those recent highs," the trader said, cautioning that canola could lose momentum if soybean prices break below US$15 per bushel.
The Canadian dollar was up less than one-tenth of a U.S. cent compared with Wednesday's close.
Nearly 16,793 canola contracts were traded as of 11:24 a.m. ET.
Canola Price Change
May 826.00 up 7.40
Jul 820.20 up 5.40
Nov 798.70 up 6.50
Jan 804.00 up 7.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-02-23 1200ET
