WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were lower at midday Monday, following the declines in the Chicago soy complex. In particular soybeans were in retreat, losing well in excess of 20 cents per bushel due to South American weather concerns.
However, canola had come away from larger lows earlier this morning.
There were also losses in European rapeseed, with a sharp step back in its February contract. Malaysian palm oil was lower in its front month, but saw small gains in its other positions. A step back in global crude oil prices weighed on edible oils as well.
The Chicago Board of Trade in general was pulling back due to inflation worries and interest rate increases by the United States Federal Reserve.
The Canadian dollar was slightly lower, with the loonie at 78.83 U.S. cents, compared to Friday's close of 78.95.
Approximately 5,650 canola contracts were traded as of 11:29 EST.
Prices in Canadian dollars per metric ton at 11:29 EST:
Price Change
Canola Mar 1,027.90 dn 7.20
May 1,006.10 dn 7.20
Jul 955.00 dn 7.70
Nov 790.00 dn 7.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-10-22 1157ET
