WINNIPEG, Manitoba--The ICE Futures canola market was posting solid gains at midday Thursday, seeing a correction after posting sharp losses earlier in the week.
"Everything was just ready for a bounce," said a trader, noting that there was no fresh fundamental news behind the strength. He added that gains in the Chicago soy complex were providing spillover support for canola.
European rapeseed and Malaysian palm oil futures also were stronger Thursday, while the Canadian dollar held near unchanged.
Relatively favorable Prairie weather conditions kept a lid on the upside, with large old crop supplies also still overhanging the canola market.
An estimated 56,500 canola contracts traded as of 11:52 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:52 a.m. ET:
Canola
Price Change
Jul 636.50 up 19.40
Nov 658.60 up 16.60
Jan 664.50 up 15.00
Mar 668.60 up 13.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-06-24 1221ET
