WINNIPEG, Manitoba--The ICE Futures canola market was stronger Tuesday morning, seeing a continuation of Monday's corrective bounce off contract lows.

The most active May contract was trading above its 20-day moving average for the first time in over a month, which was supportive from a chart standpoint.

Gains in outside markets also provided spillover support, with Chicago soyoil, Malaysian palm oil and European rapeseed futures all higher on the day.

However, farmer selling on the move higher kept the gains in check, as producers are still thought to be holding large amounts of unpriced canola.

About 20,800 canola contracts had traded as of 9:52 EST. Prices in Canadian dollars per metric ton at 9:52 EST: 


Canola 
         Price    Change 
Mar      591.40   up 10.30 
May      597.50   up 9.20 
Jul      603.90   up 8.70 
Nov      609.90   up 8.30

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


(END) Dow Jones Newswires

02-27-24 1021ET