ICE Midday : Canola Gets Support From Soy Complex

WINNIPEG, Manitoba--The ICE Futures canola market rebounded after Tuesday's losses, following the strength in comparable oils.

One trader said canola's rise was largely due to gains in the Chicago soy complex as prices for soybeans, soyoil and soymeal were all in positive territory.

Malaysian palm oil was higher as well, while European rapeseed was mixed. Crude oil also rose despite growing United States stockpiles and indicators that central bank may continue to raise their key interest rates.

The Canadian dollar was mostly steady compared with Tuesday's close.

Nearly 20,530 canola contracts were traded as of 11:24 a.m. ET.

Canola Price  Change 
May    819.00 up 0.80 
Jul    815.60 up 1.70 
Nov    792.40 up 3.70 
Jan    798.60 up 5.30 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

03-01-23 1159ET