ICE Canola Drifts Lower and Trades Sideways

WINNIPEG, Manitoba--The ICE Futures canola market was mostly lower Thursday morning, backing away from overnight gains as the market remains stuck in a sideways trading range.

The Chicago soy complex was mixed in early activity, providing little direction as soybeans were lower but soyoil was slightly firmer. Outside markets also were mixed, with European rapeseed futures softer, crude oil higher, and Malaysian palm oil relatively steady.

Talk that China may be in the market looking to buy more Canadian canola was slightly supportive, although there was no confirmation of any fresh export demand.

About 11,500 canola contracts had traded as of 9:45 a.m. ET.

Prices in Canadian dollars per metric ton at 9:45 a.m. ET:

   Canola   Price   Change 
      Mar   835.10  dn 1.60 
      May   834.60  dn 1.30 
      Jul   835.70  dn 1.70 
      Nov   815.40  dn 2.40 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-19-23 1012ET