WINNIPEG, Manitoba--There has been an about face in Intercontinental Exchange canola futures at mid-session Wednesday, as the Canadian oilseed dropped back due to sharp declines in Chicago soyoil.

An analyst said the Prairie crops are looking good following bouts of rain across the region. With temperatures forecast to rise, the analyst said the crops will be off to a good start.

However, he warned the extended weather outlook said there will be severe heat in July and August.

Crude oil was higher, as there's some skepticism in the trade towards the United States-Iran deal to be signed on Friday.

"It will be no surprise if it falls apart," the analyst said of the Middle East situation.

Those gains in crude pushed Chicago soybeans and European rapeseed higher, which attempted to stem the losses in canola.

Malaysian palm oil was closed for a holiday.

The Canadian dollar was lower late Wednesday morning, with the loonie at 71.29 U.S. cents compared to Tuesday's close of 71.45.

Approximately 39,400 canola contracts were traded as of 11:33 a.m. EDT, with prices in Canadian dollars per metric tonne: 


           Price      Change 
Jul       743.60     dn 5.30 
Nov       749.40     dn 4.50 
Jan       758.30     dn 4.10 
Mar       763.70     dn 4.20

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


(END) Dow Jones Newswires

06-17-26 1156ET