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ICE canola futures rebound on strong edible oil demand, higher CBOT

Published 2020-11-27, 03:34 p/m

(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Nov 27 (Reuters) - ICE (NYSE:ICE) canola futures rebounded on Friday on strength from rising global vegetable oil prices and higher U.S. soybean futures, with several contracts notching fresh life-of-contract highs.

* January canola RSF1 ended $5.60 higher at $583.00 per tonne after hitting a contract high of $587.00. March through July futures also hit contract highs.

* Friday's gains more than offset losses in the prior session. Canola had fallen on Thursday, when U.S. markets were closed, in anticipation of an end-of-week drop in Chicago Board of Trade soybean futures.

* Tightening global vegetable oil supplies underpinned the canola market. Palm oil prices surged after India slashed its import tax on the tropical oil. Euronext February rapeseed futures /COMG1 and Malaysian February palm oil futures /FCPOG1 rallied on Friday.

* Trade expects Statistics Canada on Dec. 3 to slightly reduce its canola production estimate to 19.3 million tonnes from 19.4 million in October.

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