ICE Canola Correcting Higher

The ICE Futures canola market was stronger Wednesday morning, taking back some of Tuesday's losses amid ideas the downturn was overdone.

Early strength in Chicago Board of Trade soyoil futures and gains in Malaysian palm oil provided some spillover support for the Canadian oilseed.

Tight supplies and a slowdown in seasonal harvest-pressure, with the harvest complete across most of the Prairies, also helped underpin the futures.

However, strength in the Canadian dollar and losses in CBOT soybeans put some pressure on values. Tuesday's losses were also bearish from a chart-standpoint.

About 6,500 canola contracts had traded as of 9:54 ET.

     Prices in Canadian dollars per metric ton at 9:54 ET:

                          Price      Change

Canola            Nov     908.70     up  7.60

                  Jan     898.50     up  7.70

                  Mar     883.40     up  5.50

                  May     862.00     up  6.00

  (END) Dow Jones Newswires
  10-13-21 1016ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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