WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Tuesday, seeing a bounce off contract lows amid ideas the losses were looking overdone.

March canola hit a contract low of C$610.20 per tonne on Monday but was trading well above that level by midday Tuesday. However, prices remained under most major moving averages.

Gains in outside markets provided spillover support, with Chicago soyoil and European rapeseed futures both up on the day.

A weaker tone in the Canadian dollar also underpinned canola, as the softer currency boosts crush margins and makes exports more attractive to international buyers.

An estimated 21,700 canola contracts traded as of 11:34 EST.

Prices in Canadian dollars per metric tonne at 11:34 EST: 


 
 Canola 
        Price   Change 
 Mar    623.40  up 7.00 
 May    630.80  up 6.60 
 Jul    636.70  up 6.30 
 Nov    635.70  up 5.80

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


(END) Dow Jones Newswires

01-09-24 1203ET