WINNIPEG, Manitoba--ICE Futures canola contracts remained pointed higher at midday Thursday, touching their highest levels in nearly four weeks.

* Optimism over Prime Minister Mark Carney's visit China next week remained supportive, with ideas the trip could lead to an easing of Chinese tariffs on Canadian canola.

* Speculative short-covering and bullish chart signals contributed to the gains, although an analyst noted that the March contract was nearing resistance at C$630 per tonne.

* Losses in Chicago soybeans and soyoil put some spillover pressure on values.

* Malaysian palm oil was also weaker, although European rapeseed was higher.

* Large supplies and expectations for burdensome carryout stocks also tempered the upside.

* An estimated 26,000 canola contracts traded as of 11:31 EST.

Prices in Canadian dollars per metric tonne at 11:31 EST: 


 
           Price      Change 
Mar       623.60     up 3.60 
May       633.90     up 3.90 
Jul       640.90     up 3.80 
Nov       638.50     up 4.10

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


(END) Dow Jones Newswires

01-08-26 1202ET