WINNIPEG, Manitoba--The ICE Futures canola market traded to both sides of unchanged Wednesday morning, seeing some consolidation after dropping sharply lower on Tuesday.

Yesterday's selloff was bearish from a chart standpoint, encouraging some additional speculative selling overnight.

However, support was also uncovered to the downside, with the market participants showing a reluctance to push values much lower for the time being.

Weather systems bringing welcome moisture to parts of the Prairies weighed on values, but more precipitation will be needed through the growing season.

Gains in Chicago soyoil provided some underlying support, with soybeans also turning higher after overnight losses.

Malaysian palm oil and European rapeseed futures were untraded, with markets closed for May Day holidays.

About 10,500 canola contracts had traded as of 9:44 EDT. Prices in Canadian dollars per metric ton at 9:44 EDT: 


Canola 
         Price    Change 
Jul      619.60   up 1.60 
Nov      636.70   up 1.70 
Jan      645.30   up 1.50 
Mar      647.90   dn 1.30

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


(END) Dow Jones Newswires

05-01-24 1018ET