ICE canola futures rebound after midweek sell-off
All figures in Canadian dollars unless noted
WINNIPEG, Man. Dec 19 (Reuters) -ICE canola futures rebounded sharply on Thursday in a widely expected bounce from oversold conditions spilling over from Wednesday's soybeans sell-off.
• Most-traded March canola RSH5 settled at $605.30 per metric ton, up $11.00. Wednesday's $594.30 was the lowest prices had been since Dec. 5, when canola was in the early stages of a short-term rally to peak at $635.00 Dec. 12, but then began selling off.
• January RSF5 settled up $10.80 to $598.50. May RSK5 rose $11 to $612.
* Thursday's session ended with a sharp sell-off from large intraday gains, in price action a trader described as "popped up then face-planted." Canola's outsized intraday gains were seen as having gotten too far from the vegoils anchor.
* Wednesday's session saw canola futures sell off on spillover pressure from soyoil's weakness and a plunge in soybeans in Chicago Board of Trade futures.
• Chicago Board of Trade soyoil futures BOv1 rose, regaining most of Wednesday's losses. Soybean futures Sc1 also rebounded, gaining back more than 1.3% in March to August contract months. The recent slump in soybeans has taken values to four-year lows on worries about Chinese demand for U.S. soybeans and good growing conditions in Brazil.
• Malaysian palm oil futures FCPOc3 fell again, responding to pressure from the soy complex in Chicago and on worries about demand for biofuel consumption. POI/
• The Canadian dollar CAD= regained some value on speculation that the greenback has rallied too quickly.
Reporting by Ed White;
Editing by Sandra Maler
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