WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher at midsession Wednesday, taking back a portion of yesterday's sharp losses.
"You break the market 20 to 30 bucks, you're not going to get the follow through," a trader commented about recent sessions.
He noted the commodity funds haven't pressed the canola market lower. Also, he expected farmers will now bide their time before selling more of their canola.
Support for the Canadian oilseed was coming from gains in Chicago soybeans and soyoil, while soymeal was to the downside.
Pressure on the oilseeds came from growing losses in crude oil that exceeded US$2 per barrel. European rapeseed and Malaysian palm oil were closed for May Day holidays.
Manitoba Agriculture issued its first crop report of 2024, with spring wheat, barley and field peas planted at four percent complete, while was at corn at one per cent.
As temperatures across the Prairies stayed cool, the forecast called for precipitation over parts of the region, including snow in some areas.
The Canadian dollar eased back late Wednesday morning with the loonie at 72.69 U.S. cents compared to Tuesday's close of 72.75.
Approximately 23,900 canola contracts were traded as of 11:47 am EDT, with prices in Canadian dollars per metric tonne:
Canola
Price Change
Jul 626.10 up 8.30
Nov 643.00 up 8.00
Jan 651.20 up 7.40
Mar 655.90 up 6.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-01-24 1213ET
