WINNIPEG--ICE Futures canola contracts were lower at midday Friday, but well off their earlier lows as the oilseed saw some independent strength in the face of sharp losses elsewhere.
"Canola is holding up very well," said an analyst, noting that broader macroeconomic trade was weighing on most everything else during the session.
The Chicago soy complex was sharply lower while Malaysian palm oil was also down.
However, gains in European rapeseed and weakness in the Canadian dollar provided underlying support for canola. Ideas that canola remains underpriced were also supportive, with crush margins still at historically wide levels.
The advancing Prairie harvest remained a bearish influence in the background, with weather conditions looking relatively favorable across the Prairies over the next week.
About 16,800 canola contracts traded as of 11:48 a.m. EDT.
Prices in Canadian dollars per metric ton at 11:48 a.m. EDT:
Canola Nov 815.40 dn 4.20
Jan 825.10 dn 4.00
Mar 832.20 dn 4.20
May 834.70 dn 4.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-23-22 1212ET
