WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Monday, seeing a continued recovery off the nearby lows hit last week.

Gains in outside markets provided spillover support, with Chicago soyoil and soybeans posting solid gains at midday. European rapeseed and Malaysian palm oil futures were also stronger.

Ideas that canola was looking technically oversold and undervalued compared to other oilseeds added to the firmer tone. However, canola was still trading below several key moving averages, with more advances needed to signal a decisive turn higher.

Last week's upward revision to 2023/24 production by Statistics Canada also remained a bearish influence overhanging the market.

An estimated 24,800 canola contracts traded as of 11:43 EST.

Prices in Canadian dollars per metric tonne at 11:43 EST. 


 
Canola 
 
 
Price 
 
Change 
Jan 
 
 
669.50 
 
up 9.50 
Mar 
 
 
675.50 
 
up 8.50 
May 
 
 
683.10 
 
up 8.90 
Jul 
 
 
687.10 
 
up 8.00

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


(END) Dow Jones Newswires

12-11-23 1222ET