WINNIPEG, Manitoba--The ICE Futures canola market was firmer at midday Thursday, recovering from earlier losses in choppy activity.

Chicago Board of Trade soybeans and soyoil futures were lower at midday, putting some pressure on the Canadian oilseed. European rapeseed was also down overnight.

However, Malaysian palm oil posted solid gains while crude oil was also rallying on Thursday. The strength in those markets was enough to pull canola off its session lows and move above unchanged.

Tight supplies from a fundamental standpoint and bullish technical signals provided underlying support for canola, according to participants.

The Canadian dollar was holding relatively steady at midday.

About 9,800 canola contracts traded as of 11:48 EST.

Prices in Canadian dollars per metric tonne at 11:48 EST. 


 
             Price       Change

Canola 


   Mar       1,023.40    up 0.40 
   May       1,003.20    up 2.50 
   Jul       955.80      up 3.80 
   Nov       787.00      up 1.10

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com

(END) Dow Jones Newswires

01-06-22 1224ET