WINNIPEG, Manitoba--ICE Futures canola contracts were stronger at midday Tuesday, finding spillover support from advances in Chicago soybeans and soyoil.
European rapeseed also was firm on the day, while Asian markets - including Malaysian palm oil - were closed for the Lunar New Year holiday.
Weakness in the Canadian dollar added to the strength in canola, as the softer currency underpins crush margins and makes exports more attractive for international buyers.
Bullish chart signals were also supportive. The May contract held above its 200-day moving average and touched its highest levels in three months.
However, large South American soybean supplies overhanging the oilseed markets, tempering the advances in the North American futures as the harvest advances in Brazil.
An estimated 60,200 canola contracts traded as of 11:32 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:32 a.m. ET:
Canola
Price Change
Mar 665.40 up 1.90
May 677.40 up 2.30
Jul 687.90 up 3.10
Nov 683.80 up 4.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-17-26 1205ET
