WINNIPEG--ICE Futures canola contracts were posting small losses at midday Thursday, taking some direction from Chicago soyoil although activity was thin and choppy.
"The market is heavily focused on Argentina right now," a trader said, noting that forecasts for rain there were weighing on soybeans and spilling into canola.
Losses in Malaysian palm oil also weighed on the canola market, although European rapeseed was mixed and crude oil turned higher.
The Canadian dollar was softer at midday, providing some underlying support for canola.
Solid demand from both domestic crushers and exporters helped temper declines.
Canola remains in its sideways trading range from a chart standpoint.
About 13,200 canola contracts traded as of 11:38 a.m. EST.
Prices in Canadian dollars per metric ton:
Canola
Mar 866.20 dn 2.80
May 863.60 dn 2.90
Jul 862.80 dn 3.00
Nov 831.10 dn 4.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-05-23 1209ET
