WINNIPEG, Manitoba--Although there were declines in comparable oils, the ICE Futures canola market saw modest gains in the middle of trading on Tuesday.

Chicago soyoil was down by about one United States cent per pound, while crude oil fell more than two U.S. dollars per barrel due to concerns over demand and interest rates. European rapeseed and Malaysian palm oil were also lower.

The Canadian dollar was down four-tenths of a U.S. cent compared to Monday's close.

One trader said that large gains in soymeal prices were supporting canola, but had doubts over whether or not those prices will stay elevated.

"It's hard to see (prices hold) here. I don't know of anything fundamentally changing as to why it's up here. It's a bit surprising that it's this strong right now," the trader commented.

About 11,500 contracts have traded at 10:13 CST. Prices in Canadian dollars per metric tonne: 


 
        Price    Change 
 Jan    705.40   up 2.90 
 Mar    712.90   up 3.10 
 May    717.30   up 2.70 
 Jul    722.00   up 2.90

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


(END) Dow Jones Newswires

11-07-23 1145ET