Canola Futures Rebound Amid Soy Oil, Crude Gains

The Intercontinental Exchange (ICE) canola futures market is showing signs of recovery from its sharp losses on Tuesday. Analysts point to a combination of factors contributing to the upward trend, including a bounce back in soyoil prices and gains in crude oil.

A record amount of planted acres has raised questions about the size of the Prairie canola harvest. Meanwhile, diesel prices remain high, which is supporting canola value.

The Canadian dollar's strength also played a role in the market's turnaround, with the loonie trading at 72.35 U.S. cents on Wednesday morning.