WINNIPEG, Manitoba--The ICE Futures canola market was holding onto small gains Thursday morning, finding follow-through strength after climbing sharply higher on Wednesday.

The May contract climbed above the psychological C$640 per tonne level on Wednesday to close at its highest level since early January, with a move above C$650 per tonne on Thursday encouraging additional chart-based buying.

Gains in Chicago soybeans and European rapeseed futures provided some spillover support, although soyoil was softer in early activity.

Scale-up farmer selling tempered the advances, with farmers still thought to be holding onto large amounts of unpriced canola they may want to move before spring seeding.

About 13,500 canola contracts had traded as of 9:44 EDT.

Prices in Canadian dollars per metric ton at 9:44 EDT: 


 
 Canola 
        Price   Change 
 May    650.70  up 2.10 
 Jul    658.70  up 1.50 
 Nov    665.00  up 1.50 
 Jan    672.50  up 1.50

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

03-21-24 1027ET