ICE Midday : Canola Starts Week On Positive Note

WINNIPEG, Manitoba--The ICE Futures canola market made modest gains in the middle of Monday trading due to support from comparable oils and a weaker Canadian dollar.

Malaysian palm oil was up while European rapeseed was mostly higher. Crude oil was also up while Chicago soyoil was steady.

The Canadian dollar was down more than one-tenth of a United States cent compared to Friday's close.

One analyst said that a lot of "bailing" on basis contracts has relieved selling pressure for canola, but the oilseed still needs a catalyst for larger gains.

About 21,100 contracts have traded at 11:20 a.m. ET. Prices in Canadian dollars per metric ton:

Canola 
       Price    Change 
Mar    578.20   up 5.80 
May    583.80   up 5.60 
Jul    590.80   up 4.20 
Nov    597.30   up 3.70 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

02-26-24 1149ET