WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Thursday, seeing a continuation of Wednesday's turn higher as a downward revision to Statistics Canada's production estimate provided support.

The government agency pegged the 2023/24 canola crop at 17.4 million tonnes, which was down by 200,000 tonnes from the August estimate and well below the 18.7 million tonnes grown the previous year.

Gains in outside markets, including Chicago soybeans and European rapeseed futures, provided additional spillover support.

However, a softer tone in soyoil along with strength in the Canadian dollar did weigh somewhat on values.

Seasonal harvest pressure also kept the gains in check.

About 20,800 canola contracts traded as of 11:38 EDT.

Prices in Canadian dollars per metric tonne at 11:38 EDT: 


 
 Canola 
        Price       Change 
 Nov    760.70      up 5.40 
 Jan    768.30      up 4.30 
 Mar    774.50      up 4.90 
 May    776.50      up 2.90

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


(END) Dow Jones Newswires

09-14-23 1207ET