Canola rebounds on weaker dollar
Source: Marlo Glass – MarketsFarm, Producer.com, January 7, 2020
WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished stronger on Tuesday, making up for losses incurred during the previous trading session.
A weaker Canadian dollar was supportive of canola prices. At midday, the dollar slipped just below 77 U.S. cents, due to a comparably stronger U.S. dollar and weakness in crude oil values.
Despite a bias to the upside, canola prices have remained largely locked in a consolidation pattern. One trader said some producers may be holding on to inventory until prices improve.
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