WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains at midday Monday, although it was lagging the Chicago soy complex to the upside.

March canola climbed above its 200-day moving average on Friday and was holding above that key chart point on Monday, which was supportive from a technical standpoint.

The soybean market remained supported by last week's cut to the 2024/25 production in the U.S. by the U.S. Department of Agriculture. Much-anticipated guidance on biofuel tax credits were also supportive for soyoil. However, uncertainty over the threat of U.S. tariffs on Canadian canola oil imports limited the spillover support on the canola market.

An estimated 46,300 canola contracts traded as of 11:54 EST.


 
Prices in Canadian dollars per metric ton at 11:54 EST: 
 
Canola     Price        Change 
 Mar       644.80       up 3.20 
 May       653.60       up 3.00 
 Jul       658.80       up 3.50 
 Nov       637.40       up 5.70 
 

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


(END) Dow Jones Newswires

01-13-25 1229ET