WINNIPEG, Manitoba--The ICE Futures canola market was posting losses at midday Wednesday, seeing a modest correction after climbing to its highest levels of 2024 on Tuesday.

Widespread rains across much of Western Canada contributed to the selling pressure, as drought concerns ease across much of the Prairies. Increased farmer selling after the recent run-up in prices also weighed on values, as did the continued lack of significant export demand and expectations for large carryout stocks.

Chicago soybeans were weaker at midday, putting some spillover pressure on canola. However, soyoil was steady while European rapeseed moved higher.

An estimated 36,700 canola contracts traded as of 11:53 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:53 a.m. ET: 


Canola 
    Price  Change 
Jul 663.20 dn 3.90 
Nov 678.50 dn 2.90 
Jan 683.70 dn 3.00 
Mar 686.40 dn 3.10

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


(END) Dow Jones Newswires

05-08-24 1234ET