WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains Wednesday morning, seeing some follow-through buying as contracts continued to recover off nearby lows.

European rapeseed and Malaysian palm oil were both up on the day, providing some spillover support. However, markets in the United States were closed for the Juneteenth holiday, and the lack of direction from the soy complex should limit activity in the canola market to some extent.

Large old crop supplies and relatively favourable weather conditions across the Canadian Prairies remained bearish.

Canola seeding was 96% complete in Manitoba, according to the latest provincial crop report. The most advanced fields were bolting, while reseeding was required in some fields due to flea beetle damage.

About 9,400 canola contracts had traded as of 8:45 EDT.


Prices in Canadian dollars per metric ton at 9:45 EDT: 


                 Price   Change 
Canola     Jul   609.60  up 0.20 
           Nov   628.00  up 1.90 
           Jan   634.30  up 1.70 
           Mar   639.60  up 3.80

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


(END) Dow Jones Newswires

06-19-24 1053ET