ICE Canola Mixed in Choppy Trade

WINNIPEG, Manitoba--The ICE Futures canola market was narrowly mixed Wednesday morning in choppy trade.

Gains in European rapeseed and Malaysian palm oil provided some spillover support, with weakness in the Canadian dollar also underpinning the futures.

However, soybeans and soyoil at the Chicago Board of Trade were weaker in early activity.

From a chart standpoint canola continued to trade just below major resistance, with the new crop November contract holding below the psychological C$700 per tonne level.

Manitoba's canola crop was 41% seeded in the latest weekly provincial report, with heavy rains over the past weekend causing some delays.

About 7,300 canola contracts had traded as of 9:40 a.m. ET.

Prices in Canadian dollars per metric ton at 9:40 a.m. ET:

Canola 
    Price  Change 
Jul 667.90 dn 0.80 
Nov 689.90 dn 0.30 
Jan 697.70 dn 0.50 
Mar 705.70 up 0.30 

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

(END) Dow Jones Newswires

05-29-24 1007ET