WINNIPEG, Manitoba--The ICE Futures canola market made modest gains on Tuesday morning thanks to supportive comparable oils and a weaker Canadian dollar.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher to start the day. Crude oil was also up due to increasing tensions in the Red Sea region.

The Canadian dollar was down more than two-tenths of a United States cent compared to Monday's close. Statistics Canada reported today that inflation in December rose to 3.4%, compared to 3.1% in November.

Nearly 6,700 contracts were traded. Prices in Canadian dollars per metric ton as of 9:53 a.m. ET: 


Canola 
        Price    Change 
Mar.    632.20   up 3.50 
May     637.90   up 2.60 
Jul.    642.70   up 1.70 
Nov.    641.10   up 1.90

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


(END) Dow Jones Newswires

01-16-24 1020ET