WINNIPEG, Manitoba--ICE canola futures were lower at midsession Tuesday, being pulled down by declines in most comparable oils.
Soybeans and soymeal were to the downside at the Chicago Board of Trade but gains in soyoil helped to temper further decreases in canola. Meanwhile, losses in Malaysian palm oil and European rapeseed weighed on the Canadian oilseed. Vegetable oils were feeling some pressure from modest pull backs in global crude oil prices.
Although crush margins receded a little in recent days, they remain very wide which continues to underpin canola values.
Despite gains in the U.S. dollar and decreases in crude oil, the Canadian dollar was higher Tuesday. The loonie climbed to 73.18 U.S. cents, compared with Monday's close of 72.83 U.S. cents.
About 19,500 canola contracts were traded as of 11:25 a.m. ET.
Prices in Canadian dollars per metric ton at 11:25 a.m. ET:
Canola Price Change
May 760.00 dn 7.80
Jul 757.10 dn 8.10
Nov 737.60 dn 7.30
Jan 741.80 dn 7.60 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-14-23 1201ET
