WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher at midday Wednesday, getting spillover from slight increases in Chicago soybeans, according to an analyst.

Additional support came from gains in Chicago soymeal and European rapeseed. However, pressure from losses in Chicago soyoil and Malaysian palm oil tempered further gains in canola.

The analyst commented as well that canola had become oversold when the nearby November contract fell below C$740 per metric ton.

Although farmer selling has reportedly diminished, canola was having a difficult time Wednesday returning to that level and staying there.

Prairie temperatures are to be moderate Wednesday, with rain forecast for northern parts of Alberta and Saskatchewan, as well as the latter's southeastern corner.

Manitoba reported its harvest was 64% complete overall, with canola at 55% finished.

The Canadian dollar continued to rise at mid-Wednesday morning with the loonie at 74.62 U.S. cents compared to Tuesday's close of 74.48.

Approximately 28,250 canola contracts were traded as of 11:37 a.m. EDT.


Prices in Canadian dollars per metric tonne at 11:37 a.m. EDT: 


 
                   Price    Change 
Canola        Nov  737.90  up 3.60 
              Jan  746.60  up 3.00 
              Mar  753.00  up 2.50 
              May  759.10  up 1.80

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


(END) Dow Jones Newswires

09-20-23 1208ET