WINNIPEG, Manitoba--The ICE Futures canola market was slightly lower in the middle of trading on Thursday despite mostly positive sentiment in comparable oils.

Chicago soyoil and European rapeseed were higher while Malaysian palm oil was lower. Crude oil made gains as demand for heating fuel outweighed growing United States stockpiles. Most U.S. markets will close early today for the state funeral of former president Jimmy Carter.

One analyst said despite canola's declines, Chicago soyoil still has positive momentum. The March soyoil contract traded above 42 cents for the first time in nearly a month on Thursday. He identified 43 U.S. cents per pound as a new target level to trigger a canola rally.

The Canadian dollar was steady compared to Wednesday's close.

About 15,500 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:


 
           Price      Change 
Mar       626.10     dn 2.40 
May       632.80     dn 2.60 
Jul       635.90     dn 2.10 
Nov       614.00     dn 0.20 
 

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


(END) Dow Jones Newswires

01-09-25 1145ET