WINNIPEG, Manitoba--The ICE Futures canola market was holding onto small gains Thursday morning, seeing a modest correction after dropping lower the previous three sessions. Chart-based positioning and end user bargain hunting underpinned the futures.

Gains in Chicago soyoil provided spillover support, with Malaysian palm oil also higher in overnight activity. However, European rapeseed remained pointed lower.

Hot temperatures and only light shower activity across much of Western Canada may stress developing crops. However, cooler temperatures are expected over the next week.

About 12,000 canola contracts had traded as of 9:51 a.m. EDT.


Prices in Canadian dollars per metric ton at 9:51 a.m. EDT: 


 
Canola            Nov   621.10    up  3.20 
                  Jan   631.70    up  4.10 
                  Mar   640.00    up  4.20 
                  May   646.70    up  4.10

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


(END) Dow Jones Newswires

07-11-24 1026ET