ICE Morning Comment : Canola Moving Backwards

WINNIPEG, Manitoba--The ICE Futures canola market was retreating on Tuesday morning, largely due to weakness in comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all trading in the red. Meanwhile, crude oil was also down due to a reduced geopolitical risk premium and speculation over growing United States inventories.

The Canadian dollar was down two-tenths of a U.S. cent compared to Tuesday's close.

Nearly 9,500 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:35 CDT:

 
        Price   Change 
 Jul.   660.80  dn 6.30 
 Nov.   674.90  dn 6.50 
 Jan.   680.00  dn 6.70 
 Mar.   683.30  dn 6.20 
 

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

(END) Dow Jones Newswires

05-08-24 1002ET