WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued lower at mid-session Tuesday, feeling pressure from comparable oils. However, prices remained rangebound.
Losses in Chicago soyoil, European rapeseed and Malaysian palm oil were putting pressure on canola. Some support came from upticks in Chicago soybeans and soymeal.
Global crude oil prices were vacillating around either side of steady, which provided little direction to the vegetable oils.
Canola crush margins continued to be quite strong, underpinning the oilseed.
The Canadian dollar was lower on Tuesday, with the loonie slipping to 74.47 U.S. cents, compared with Monday's close of 74.76.
Approximately 19,400 canola contracts were traded as of 11:24 a.m. EST.
Prices in Canadian dollars per metric ton at 11:24 a.m. EST:
Price Change
Canola Mar 850.30 dn 8.30
May 846.00 dn 9.40
Jul 846.50 dn 9.30
Nov 815.20 dn 8.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-10-23 1152ET
