WINNIPEG--The ICE Futures canola market was holding onto small gains at midday Wednesday, retreating from earlier highs as a downturn in the Chicago soy complex weighed on values.

The most-active November contract had rallied by nearly C$30 per metric ton in early activity, but ran into resistance and drifted toward unchanged as a selloff in Chicago Board of Trade soyoil weighed on prices.

However, ongoing concerns over hot and dry Prairie weather cutting into the size of the Canadian crop remained supportive, as industry participants lower their yield expectations.

The Canadian dollar was holding relatively steady, providing little direction.

About 15,500 canola contracts traded as of 11:56 a.m. EDT.

Prices in Canadian dollars per metric ton at 11:56 a.m. EDT:


 
                          Price     Change 
Canola            Nov     859.50    up  4.40 
                  Jan     848.70    up  4.20 
                  Mar     836.70    up  4.00 
                  May     818.30    up  4.90 
 

Source: news@marketsfarm.com

(END) Dow Jones Newswires

08-04-21 1239ET