WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Thursday, seeing a continuation of Thursday's corrective bounce off nearby lows.

Chart-based speculative positioning was a feature, with the July contract moving back above some major moving averages.

Gains in Chicago soybeans and European rapeseed futures provided spillover support. However, soyoil and Malaysian palm oil held closer to unchanged.

Canada exported 672,000 metric tons of canola in March, according to monthly export data, with China the largest destination at 507,300 tons.

Total canola exports through the 2023/24 marketing year-to-date came in at 4.071 million tons, which was well behind the 6.039 million tons moved by the same time the previous year.

An estimated 21,300 canola contracts traded as of 11:39 EDT. Prices in Canadian dollars per metric ton at 11:39 EDT: 


Canola 
       Price   Change 
Jul    632.00  up 6.30 
Nov    647.90  up 5.30 
Jan    656.60  up 5.10 
Mar    663.10  up 6.30

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


(END) Dow Jones Newswires

05-02-24 1209ET