WINNIPEG, Manitoba--After prices bounced back following two weeks of losses, the ICE Futures canola market was consolidating its gains midday Friday.

Both Chicago soyoil and European rapeseed moved higher, while Malaysian palm oil and crude oil have taken losses.

One trader explained that canola's rise was the product of a "complicated situation." While there may be new export demand for canola due to its low price, the trader added that movement by funds contributed to new gains.

"(Funds) made a quick move to start getting money off the table. The break in soyoil may have triggered the rally in canola because they were long soyoil and long soybeans and when those markets started to break, they had to start covering those spreads," the trader explained.

The Canadian dollar was down six-tenths of a U.S. cent compared with Thursday's close.

Nearly 28,030 canola contracts were traded as of 11:25 a.m. ET. 


   Canola     Price      Change 
 
      May     742.40     up 7.20 
      Jul     726.80     up 8.60 
      Nov     700.80     up 5.80 
      Jan     700.20     up 1.40

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


(END) Dow Jones Newswires

03-24-23 1159ET