ICE Midday : Canola Moving Lower on Monday

WINNIPEG, Manitoba--The ICE Futures canola market took a step back on Monday following overall weakness in comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil all retreated. Crude oil was also down after peak demand from the Independence Day holiday in the United States and lackluster economic data from China.

The Canadian dollar was down more than one-tenth of a U.S. cent compared to Friday's close.

One trader said that lower prices in the Chicago soy complex and canola gravitating to the C$600 per ton support level are contributing to the oilseed's weakness.

About 21,400 contracts have traded at 11:10 ET. Prices in Canadian dollars per metric ton:

Canola 
       Price    Change 
Nov    615.80   dn 2.90 
Jan    624.40   dn 3.70 
Mar    631.70   dn 4.40 
May    635.40   dn 7.00 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

07-15-24 1139ET