WINNIPEG, Manitoba--ICE canola futures were lower Monday morning, due to pressure from comparable oils.
Chicago soyoil and soybeans were down, while soymeal was up.
There also were declines in European rapeseed and Malaysian palm oil. Global crude oil prices were taking a small step back, which put pressure on vegetable oils.
World rapeseed and canola production was projected by the U.S. Department of Agriculture to hit a record 85.1 million tons for 2022/23. The USDA forecast ending stocks to climb from 4.3 million tons in 2021/22 to 6.2 million tons.
Canola crush margins in Canada remained very wide, underpinning prices.
Above normal temperatures across the Prairies for much of this week will make it more palatable for farmers to deliver canola and other grains.
The Canadian dollar was virtually unchanged Monday morning, with the loonie at 74.83 U.S. cents compared with Friday's close of 74.84 U.S. cents.
About 5,300 contracts had traded as of 9:38 a.m. ET.
Prices in Canadian dollars per metric ton at 9:38 a.m. ET:
Canola Price Change
Mar 828.30 dn 3.90
May 820.10 dn 4.50
Jul 816.90 dn 4.40
Nov 796.10 dn 4.90 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-13-23 1006ET
