WINNIPEG, Manitoba--ICE Futures canola contracts were weaker at midday Thursday, seeing a modest correction after rallying sharply higher earlier in the week.
Losses in Chicago soyoil and soybeans accounted for some spillover selling pressure, with European rapeseed and Malaysian palm oil also lower on the day.
Weakness in crude oil was another bearish influence, although general uncertainty over the ongoing conflict in the Middle East remained a feature in the background.
Weather concerns in parts of Western Canada were supportive.
While many areas were still dealing with flood damage, the latest forecasts call for excessive heat in southern Manitoba and Saskatchewan over the next week.
