WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains at midday Wednesday, attempting to stabilize after dropping sharply lower earlier in the week.

After losing over C$20 per tonne in the span of two days, values were looking oversold and in need of correction, according to an analyst. Strength in the Chicago soy market and recent weakness in the Canadian dollar was also supportive.

However, a lack of significant export demand remained a bearish influence in the background, with beneficial moisture in parts of Western Canada also weighing on values.

European rapeseed and Malaysian palm oil futures were both lower on the day, which also pressured the Canadian oilseed.

An estimated 39,000 canola contracts traded as of 11:37 EDT. Prices in Canadian dollars per metric ton at 11:37 EDT: 


Canola 
         Price    Change 
May      612.80   up 0.30 
Jul      625.20   up 1.70 
Nov      642.40   up 2.40 
Jan      650.00   up 2.00

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


(END) Dow Jones Newswires

04-17-24 1210ET