WINNIPEG, Manitoba--ICE canola futures were stronger at midsession on Monday, with increases for the old crop months in the mid to higher teens.

While support was coming other vegetable oils, an analyst suggested the upticks in canola were due to increased short covering.

Additional support came gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. However, pressure from fading crude oil prices attempted to stymie further increases in the vegetable oils.

Crush margins remained very strong, underpinning canola values.

The Canadian dollar was slightly lower on Monday, with the loonie at 74.97 U.S. cents, compared to Friday's close of 75.11 U.S. cents.

Approximately 21,950 canola contracts were traded as of 11:11 a.m. ET.


 
Prices in Canadian dollars per metric ton at 11:11 a.m. ET: 
 
   Canola     Price     Change 
 
      Mar     825.40    up 17.70 
      May     824.60    up 17.10 
      Jul     826.40    up 16.70 
      Nov     807.00    up 13.20 
 

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


(END) Dow Jones Newswires

01-30-23 1141ET