WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Wednesday, underpinned by chart-based positioning.

Ideas that Tuesday's losses were overdone had speculators back on the buy side of the market, with a firmer tone in Chicago soybeans and soyoil also providing some spillover support.

European rapeseed and Malaysian palm oil futures held near unchanged, providing little direction.

Widespread rains across the Prairies may delay seeding operations but were seen as beneficial for crops in the long run, with the improving moisture conditions tempering the upside.

An estimated 18,000 canola contracts traded as of 11:39 a.m. EDT.


Prices in Canadian dollars per metric tonne at 11:39 a.m. EDT: 


 
                        Price      Change 
Canola            Jul   657.80    up  2.50 
                  Nov   677.00    up  3.20 
                  Jan   684.80    up  3.60 
                  Mar   691.50    up  4.50

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


(END) Dow Jones Newswires

05-15-24 1202ET