WINNIPEG, Manitoba--On the first day of March, the ICE Futures canola market showed some weakness on Friday morning despite varied sentiment across the markets.

Chicago soyoil and Malaysian palm oil were down. However, European rapeseed was up and crude oil nearly gained US$2 per barrel on speculation OPEC+ could extend supply cuts later this month.

The Canadian dollar was up one-tenth of a U.S. cent compared to Thursday's close.

One trader said that canola prices were pulled down by soyoil, but there are rumours that China may provide much-needed export demand towards the oilseed. Short covering has also given canola some firmness.

About 17,100 contracts have traded at 10:17 CST. 


 
Prices in Canadian dollars per metric ton: 
 
Canola      Price           Change 
 May        591.60          dn 2.10 
 Jul        599.50          dn 1.40 
 Nov        606.20          dn 2.10 
 Jan        613.20          dn 0.80

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


(END) Dow Jones Newswires

03-01-24 1150ET