WINNIPEG, Manitoba--ICE Futures canola contracts were stronger at midday Tuesday, seeing a continuation of Monday's gains.
Gains in outside markets provided spillover support, with Chicago soyoil and European rapeseed both up on the day.
The November canola contract was trading back above several key moving averages on Tuesday, encouraging additional speculative buying interest.
Weather concerns in parts of Western Canada were also supportive.
"There's just been too much flooding for too long," said an analyst, estimating that up to 5% of planted canola area may end up abandoned this year due to excessive moisture.
