WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower at midday on Monday due declines in comparable oils.
The most heavily traded January contract broke through its C$700 per ton support level, to which one analyst said, "that's not good news."
Despite rising tensions in the Middle East global crude oil prices were down modestly, which put pressure on the vegetable oils. Malaysian palm oil fell as did European rapeseed, except for its nearby November contract which edged upward.
Losses in Chicago soybeans, especially soyoil, added to canola's downturn while some relief came from upticks in soymeal.
Canola crush margins were relatively stable, with the November and January positions between C$210 to C$240 per ton above futures.
Alberta province reported on Friday that its overall harvest was almost 99% complete.
The Canadian dollar nudged up with the loonie at 73.08 U.S. cents compared to Friday's close of 73.02.
Approximately 22,100 canola contracts were traded as of 11:26 a.m. ET.
Prices in Canadian dollars per metric ton at 11:26 a.m. ET:
Canola Price Change
Nov 684.00 dn 10.40
Jan 694.80 dn 9.60
Mar 703.00 dn 9.90
May 707.80 dn 10.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-23-23 1208ET
