WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Tuesday, seeing a continuation of Monday's bounce as traders reacted to activity in outside markets.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher, helping underpin the Canadian oilseed.

Weather concerns for soybeans in Brazil were thought to be behind some of the strength in world vegetable oil markets.

Chart-based positioning contributed to the gains, Monday's close above the 50-day moving average in the January contract was constructive from a technical standpoint.

The Canadian dollar was also firmer on the day, tempering the upside to some extent. A softer tone in crude oil was also overhanging the market.

An estimated 22,300 canola contracts traded as of 11:32 a.m. EST.


Prices in Canadian dollars per metric ton at 11:32 a.m. EST: 


 
                  Price    Change 
Canola       Jan  721.70  up 5.00 
             Mar  725.50  up 5.10 
             May  729.00  up 4.20 
             Jul  731.80  up 2.60

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


(END) Dow Jones Newswires

11-21-23 1208ET