WINNIPEG, Manitoba--The ICE Futures canola market was holding onto small gains at midday Thursday, finding support from advances in Chicago soyoil.

Chart-based positioning was a feature, as the market appears to have found a floor for the time being, according to participants. The March contract hit a low of C$610.20 per metric ton on Monday, after a week of losses but has since stabilized after becoming oversold.

The recent weakness was also thought to have brought in some end user bargain-hunting.

A weaker tone in the Canadian dollar, down by about a third of a cent relative to its U.S. counterpart, added to the firmer tone in canola.

However, losses in European rapeseed did put some pressure on values.

An estimated 20,400 canola contracts traded as of 11:44 a.m. EST.


Prices in Canadian dollars per metric ton at 11:44 a.m. EST: 


 
                 Price    Change 
Canola      Mar  622.40  up 2.80 
            May  630.00  up 2.40 
            Jul  635.10  up 1.90 
            Nov  633.50  up 1.60

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


(END) Dow Jones Newswires

01-11-24 1215ET