WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Friday, finding some support to end the week after hitting contract lows on Thursday.

Canola futures were looking oversold from a chart standpoint, with prices possibly at a point to encourage some fresh exporter buying interest.

Gains in Chicago soybeans and European rapeseed futures were also supportive, although soyoil and Malaysian palm oil were both softer on the day.

Increased farmer selling on any moves higher also tempered the gains, as producers are still thought to be sitting on large amounts of unpriced canola.

The canola market will be closed Monday for Manitoba's Louis Riel Day, with much of the rest of the country also celebrating provincial holidays. Markets in the U.S. will be closed for Presidents Day.

An estimated 29,000 canola contracts traded as of 11:53 EST.


Prices in Canadian dollars per metric ton at 11:53 EST: 


 
                  Price      Change 
Canola       Mar  576.50  up  9.50 
             May  586.80  up  9.80 
             Jul  596.90  up 10.10 
             Nov  603.90  up 11.20

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


(END) Dow Jones Newswires

02-16-24 1225ET