WINNIPEG, Manitoba--The ICE Futures canola market continued its rally Tuesday amid mostly positive sentiment in comparable oils.

Crude oil was trading higher, as well as Malaysian palm oil. However, Chicago soyoil was steady and European rapeseed was lower.

The Canadian dollar was two-tenths of a U.S. cent higher compared with Monday's close.

One trader said canola is breaking out of its long-term downtrend. The trader cited numerous reasons for canola's recent strength such as weather concerns, an influx of funds entering the canola market and less selling activity from farmers.

About 42,300 contracts have traded at 11:26 a.m. ET. Prices in Canadian dollars per metric tonne: 


Canola 
    Price  Change 
May 634.40 up 7.50 
Jul 645.50 up 4.90 
Nov 656.80 up 2.50 
Jan 664.40 up 1.50

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


(END) Dow Jones Newswires

04-23-24 1152ET