WINNIPEG, Manitoba--The ICE Futures canola market was sharply lower at midday Thursday, seeing a continuation of Wednesday's late selloff.

Canola was not included in interim rules on biofuel feedstock guidelines from the United States Department of Agriculture, which raised concerns over demand from the U.S. biodiesel sector and weighed on values.

Losses in outside markets added to the softer tone, with Chicago soyoil, European rapeseed and Malaysian palm oil all down on the day.

The March contract fell below nearby chart support, encouraging additional speculative selling.

However, tightening supply projections and the need to ration demand going forward helped temper the declines.

An estimated 61,800 canola contracts traded as of 11:44 EST.

Prices in Canadian dollars per metric tonne at 11:44 EST: 


 
           Price      Change 
Mar       612.30    dn 17.80 
May       622.30    dn 17.50 
Jul       630.10    dn 16.90 
Nov       621.00     dn 9.30

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


(END) Dow Jones Newswires

01-16-25 1216ET