WINNIPEG, Manitoba--The ICE Futures canola market did not sustain a rally on Wednesday due to mixed to negative sentiment in comparable oils.

European rapeseed was positive, but Chicago soyoil was lower and Malaysian palm oil was mixed. Crude oil was also on both sides of unchanged.

The Canadian dollar was down one-quarter of a U.S. cent compared with Tuesday's close.

One analyst said canola's weakness stemmed from selling in the vegetable oil complex. Another remarked that there is currently nothing to suggest that a bottom in canola prices would be imminent.

About 23,300 contracts have traded at 10:23 a.m. CST.


Prices in Canadian dollars per metric ton: 


 
                  Price    Change 
Canola       Mar  574.50  dn 2.60 
             May  590.70  dn 0.40 
             Jul  598.40  dn 0.20 
             Nov  604.80  dn 0.50

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


(END) Dow Jones Newswires

02-28-24 1150ET