ICE Canola Futures Mixed But Mostly Higher

WINNIPEG, Manitoba--The ICE Futures canola market was mixed Wednesday morning, with gains in the front months but a softer tone in the new crop November contract.

Gains in Chicago soyoil and Malaysian palm oil provided some underlying support for the Canadian oilseed, with crude oil also stronger on the day. However, European rapeseed and soybean futures were both lower.

Canola remains stuck in a sideways trading range from a chart-perspective, with little to indicate a break higher or lower. Prices had been higher in overnight activity before backing away as the session progressed.

Crush margins remain wide, which should be keeping end users showing good demand.

About 10,300 canola contracts had traded as of 9:50 a.m. ET.

Prices in Canadian dollars per metric ton at 9:50 a.m. ET:

   Canola   Price   Change 
      Mar   842.90  up 1.00 
      May   842.20  up 2.00 
      Jul   843.00  up 1.30 
      Nov   821.50  dn 1.40 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-18-23 1016ET