WINNIPEG, Manitoba--The ICE Futures canola market bounced around both sides of unchanged Tuesday morning, although the bias turned higher in choppy trade.

Losses in Chicago soyoil and Malaysian palm oil futures accounted for some spillover selling pressure in the Canadian oilseed. However, soyoil moved off its lows and gains in soybeans and European rapeseed provided support.

A weaker tone in the Canadian dollar and ideas recent losses were overdone also underpinned the futures.

Statistics Canada's upward revision to canola production on Monday continued to overhang the market. The government agency pegged the crop at 18.3 million metric tons, which was up by nearly a million tons from the September estimate and above average trade guesses but still down slightly on the year.

About 11,400 canola contracts had traded as of 9:47 a.m. EST. 


Prices in Canadian dollars per metric ton at 9:47 a.m. EST: 
Canola 
       Price   Change 
Jan    678.50  up 1.40 
Mar    684.70  up 0.70 
May    692.40  up 0.70 
Jul    698.20  up 0.40

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


(END) Dow Jones Newswires

12-05-23 1025ET