WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned higher on Tuesday morning, following small losses in the overnight session.

Support for canola came from gains in Chicago soybeans and soymeal. However, there were declines in Chicago soyoil and Malaysian palm oil while European rapeseed was mostly lower.

Small upticks in crude oil underpinned the vegetable oils.

The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates at 11 am CST.

The canola market will be taking direction from the Chicago soy complex before and after the report is issued.

The USDA will also publish its world oilseed report, in which the department has consistently forecast Canadian canola production for 2024/25 at 20 million metric tons. Last week, Statistics Canada cut its estimate to 17.84 million tons from 18.98 million.

The Canadian dollar fell back Tuesday morning, with the loonie at 70.58 U.S. cents compared to Monday's close of 70.77.

Approximately 18,900 contracts were traded by 9:37 EST and prices in Canadian dollars per metric ton were: 


 
           Price      Change 
Jan       622.70     up 4.00 
Mar       631.10     up 3.60 
May       638.70     up 3.60 
Jul       641.70     up 4.00

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


(END) Dow Jones Newswires

12-10-24 1000ET