WINNIPEG, Manitoba--The ICE Futures canola market was posting small losses at midday Monday, as contracts continued to consolidate in a narrow range just above nearby support.

The November contract briefly dipped below the psychological C$620 per tonne level but managed to recover to hold above that key chart point.

Losses in Chicago soyoil accounted for some spillover selling pressure in canola. However, soybeans turned higher while European rapeseed and Malaysian palm oil held near unchanged.

While persistent cool and wet conditions across parts of Western Canada were somewhat supportive, most of the canola should be in relatively decent shape, according to an analyst.

Statistics Canada releases updated acreage estimates on Thursday, with the United States Department of Agriculture set to put out its own seeded area numbers on Friday.

An estimated 19,500 canola contracts traded as of 10:48 CDT.

Prices in Canadian dollars per metric tonne at 10:48 CDT: 


 
 Canola 
        Price    Change 
 Jul    603.20   dn 2.90 
 Nov    621.10   dn 1.40 
 Jan    627.60   dn 1.20 
 Mar    630.60   dn 1.90

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


(END) Dow Jones Newswires

06-24-24 1224ET