WINNIPEG, Manitoba--ICE Futures canola contracts were posting solid gains at midday Monday, finding spillover support from strength in the Chicago soy complex.

* European rapeseed was sharply higher on the day as well, although Malaysian palm oil held closer to unchanged.

* Bullish chart signals contributed to the gains in canola, with the March contract extending its move above C$600 per metric ton after briefly testing that support level on Friday.

* Canada exported 121,000 tons of canola during the week ended Dec. 28, which was up by 26 percent from the previous week, reported the Canadian Grain Commission. Crop-year-to-date canola exports of 2.66 million tons compare with 4.53 million tons by the same time the previous year.

* Large supplies and a lack of export demand from China continued to overhang the canola market.

* An estimated 23,500 canola contracts traded as of 11:28 EST.

Prices in Canadian dollars per metric ton at 11:28 EST: 


 
           Price      Change 
Mar       611.70     up 7.80 
May       622.40     up 8.00 
Jul       630.50     up 7.30 
Nov       632.90     up 4.90

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


(END) Dow Jones Newswires

01-05-26 1157ET