WINNIPEG, Manitoba--The ICE Futures canola market went down Monday morning as the May contract approaches the psychological C$740 per tonne level.
While Chicago soyoil moved upward, European rapeseed and Malaysian palm oil were down. Crude oil is slightly lower after market concerns were eased with the announcement of UBS's purchase of beleaguered rival Credit Suisse over the weekend.
One analyst said "everybody" has taken short positions on canola, adding that these positions will remain if crude oil continues to go down. The analyst also said there is no longer a premium for canola over soybeans and rapeseed oil is now priced similarly to palm oil.
The Canadian dollar was up more than three-tenths of a U.S. cent compared with Friday's close.
Nearly 21,807 canola contracts were traded as of 11:24 a.m. ET.
Canola Price Change May 740.90 dn 10.70 Jul 733.30 dn 11.80 Nov 712.40 dn 14.30 Jan 715.50 dn 15.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-20-23 1156ET
