ICE Morning Commentary : Canola Falls Into the Red

WINNIPEG, Manitoba--The ICE Futures canola market dipped into negative territory on Tuesday following weakness in comparable oils and the release of economic data from the United States.

Chicago soyoil lost 1.5 U.S. cents per pound this morning, while European rapeseed and Malaysian palm oil were also lower. Crude oil was down after the U.S. producer price index increased 0.5 percent in April, possibly indicating a longer wait for interest rate cuts by the Federal Reserve.

The Canadian dollar is up more than one-tenth of a U.S. cent compared to Monday's close.

Low pressure systems will bring high temperatures in the teens Celsius and rains across the Prairies this week. The northern halves of Alberta and Saskatchewan, as well as Manitoba, should see 25 to 45 millimetres of precipitation.

Roughly 13,600 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:45 CDT:

 
        Price      Change 
 Jul.   661.60    dn 6.30 
 Nov.   680.50    dn 6.50 
 Jan.   687.00    dn 6.40 
 Mar.   690.90    dn 7.00 
 

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

(END) Dow Jones Newswires

05-14-24 1012ET