WINNIPEG, Manitoba-- The ICE Futures canola market was weaker at midday on Wednesday, posting losses for the fifth-straight session as bearish technical signals kept speculators on the sell side of the market.

Losses in Chicago soybeans accounted for some spillover pressure in the Canadian oilseed, although soyoil held closer to unchanged and European rapeseed futures were stronger.

A Russian attack on Ukrainian grain handling facilities on the Danube River provided some overnight strength for the grains and oilseeds, including canola, but any support from the ongoing conflict subsided as the North American session progressed.

Prairie weather conditions were mixed, with some areas receiving rain in the past week, while at least half of the growing areas remain on the dry side. Weakness in the Canadian dollar provided some underlying support.

About 18,000 canola contracts traded as of 11:48 EDT.

Prices in Canadian dollars per metric ton at 11:48 EDT: 


 
   Canola       Price        Change 
   Nov          774.60       dn 4.50 
   Jan          779.00       dn 4.90 
   Mar          781.60       dn 4.30 
   May          779.60       dn 5.00

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


(END) Dow Jones Newswires

08-02-23 1228ET