WINNIPEG, Manitoba--The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday's rally.

Gains in Chicago soyoil provided spillover support, although soybeans and meal were both lower. Malaysian palm oil hit fresh two-month highs in overnight activity but was running into some resistance.

The January canola contract moved above its 20-day moving average Tuesday and was testing resistance at the 50-day trendline around C$720 per tonne Wednesday.

Strength in the Canadian dollar, which was trading back above 73 U.S. cents, put some pressure on values.

About 13,600 canola contracts had traded as of 9:45 a.m. ET.

Prices in Canadian dollars per metric ton at 9:45 a.m. ET. 


Canola 
    Price  Change 
Jan 718.90 up 5.00 
Mar 725.40 up 5.10 
May 728.80 up 5.40 
Jul 732.20 up 5.60

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


(END) Dow Jones Newswires

11-15-23 1013ET