WINNIPEG, (Manitoba): ICE canola futures rebounded on Wednesday with other commodities and equities as fears about a new coronavirus strain eased.

A drop in soyoil prices pared gains for canola later in the session, as canola is already overpriced in comparison, a broker said.

January canola gained $7.20 to $994.30 per tonne. Global investors were betting that the recently identified Omicron variant of the coronavirus would not derail the global economy.

Trade expects, on average, Statistics Canada on Friday to peg Canadian canola production at 12.8 million tonnes, unchanged from its previous estimate in October. January-March canola spread traded 1,589 times.

US soybean futures and corn also regained some ground. Euronext February rapeseed futures and Malaysian February palm oil futures gained.