WINNIPEG, Manitoba--The ICE Futures canola market continued its ongoing rise in the middle of trading on Wednesday, finding support from vegetable oils.

Chicago soyoil, Malaysian palm oil and European rapeseed are higher. Grain trade group Coceral estimated this year's combined EU and U.K. rapeseed crop at 20.2 million metric tons, 1.1 million fewer than last year. Crude oil prices dropped ahead of an interest rate decision from the U.S. Federal Reserve.

The Canadian dollar was up less than one-tenth of a U.S. cent compared with Tuesday's close.

One analyst confirmed that outside markets are giving a lift to canola prices, while another commented that the oilseed was "taking the lead".

About 31,300 contracts have traded at 10:25 CDT. Prices in Canadian dollars per metric ton: 


 
                  Price    Change 
Canola       May  644.10  up 9.60 
             Jul  652.90  up 8.90 
             Nov  658.60  up 8.30 
             Jan  665.50  up 7.30

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


(END) Dow Jones Newswires

03-20-24 1155ET