WINNIPEG, Manitoba--ICE canola futures were lower Monday morning, with the old crop contracts falling close to their support level of C$800 per ton.
The Chicago soy complex and European rapeseed were to the downside, while Malaysian palm oil incurred modest gains. There were small upticks in global crude oil prices that helped to offset further declines in vegetable oils.
Agriculture and Agri-Food Canada issued its monthly supply and demand estimates on Friday, which included the department's first projections for 2023/24. That included forecasting a slight increase in canola production at 18.5 million tons. As well, exports nudged up to 8.8 million tons while ending stocks dipped to 800,000 tons.
The Canadian dollar was higher Monday morning, with the loonie bumping up to 74.65 U.S. cents compared with Friday's close of 74.51 U.S. cents.
About 7,450 contracts had traded as of 9:36 a.m. ET.
Prices in Canadian dollars per metric ton at 9:36 a.m. ET:
Canola Price Change
Mar 807.30 dn 5.50
May 806.30 dn 6.30
Jul 808.80 dn 6.20
Nov 791.30 dn 5.60 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-23-23 1004ET
