WINNIPEG, Manitoba--The ICE Futures canola market rallied to close higher after earlier losses on Wednesday as agricultural markets reacted to the latest supply/demand estimates from the United States Department of Agriculture.

While the USDA numbers included only a few changes, soyoil futures settled with small gains and soybeans showed some recovery after hitting nearby lows. Crude oil and Malaysian palm oil were both higher, while European rapeseed was down.

Unsettled weather is forecast to continue in the Prairies over the next five days. North and central regions could see between 25 to 75 millimetres of rain, while southern parts could see 10 to 25 mm.

At mid-afternoon, the Canadian dollar was up three-tenths of a U.S. cent compared to Tuesday's close. The U.S. Federal Reserve announced today it will keep its key interest rate steady.

There were 78,233 canola contracts traded on Wednesday, which compares with Tuesday when 59,208 contracts changed hands.

Spreading accounted for 54,608 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

        Price   Change 
  Jul   631.90  up 4.20 
  Nov   648.40  up 1.60 
  Jan   655.20  up 2.00 
  Mar   658.90  up 1.30 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 Months             Prices                   Volume 
 Jul/Nov    14.50 under to 21.00 under       21,858 
 Jul/Jan    21.30 under to 25.30 under          101 
 Jul/Mar    24.80 under to 28.70 under           58 
 Jul/May    27.60 under to 30.90 under           17 
 Nov/Jan    6.00 under to 7.50 under          3,891 
 Nov/Mar    9.50 under to 11.50 under            39 
 Jan/Mar    3.00 under to 4.40 under          1,095 
 Mar/May    1.70 under to 3.40 under            217 
 May/Jul    2.30 over to 2.10 over               13 
 Jul/Nov    37.30 over to 32.00 over             11 
 Nov/Jan    4.00 over                             4 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

06-12-24 1537ET