WINNIPEG, Manitoba--The ICE Futures canola market fell sharply on Wednesday despite mostly positive sentiment in comparable oils.

Malaysian palm oil was mostly higher, while Chicago soyoil was up and crude oil rose despite growing United States stockpiles. European rapeseed was mostly lower.

The Canadian dollar was up two-tenths of a U.S. cent compared to Tuesday's close.

One trader said fundamentals and a lack of export business is prolonging the slide in canola prices, adding that farmers are too long and "panicked." The analyst also said that a price level where more demand could be triggered remains to be seen. 


 
About 54,500 contracts have traded at 10:35 CST. Prices in Canadian dollars per metric ton: 
 
Canola      Price        Change 
 Mar        583.10      dn 10.60 
 May        588.90      dn 11.60 
 Jul        594.30      dn 10.70 
 Nov        593.90      dn 10.90

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


(END) Dow Jones Newswires

02-07-24 1210ET