WINNIPEG, Manitoba--Intercontinental Exchange canola futures were slightly higher on Monday morning, tempting to add to their overnight increases.

As spillover came from gains in crude oil, additional support came from upticks in the Chicago soy complex and Malaysian palm oil. But canola's increases were tempered by losses in European rapeseed.

The March canola contract remained well above its moving averages. Meanwhile, canola crush margins increased with the March position exceeding C$151 per tonne above the futures.

Canola's tightening supply situation continued to underpin values. However, the United States Department of Agriculture is somewhat more optimistic about the Canadian oilseed, as the USDA held to its 2024/25 production estimate of 18.80 million tonnes in Friday's world oilseed report.

The Canadian dollar was relatively steady on Monday morning, with the loonie at 69.39 U.S. cents compared to Friday's close of 69.34.

Approximately 21,750 contracts were traded by 10:42 EST and prices in Canadian dollars per metric tonne were: 


 
           Price      Change 
Mar       641.90     up 0.30 
May       651.00     up 0.40 
Jul       656.40     up 1.10 
Nov       636.00     up 4.30

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


(END) Dow Jones Newswires

01-13-25 1005ET