WINNIPEG, Manitoba--The ICE Futures canola market erased Monday's gains, pressured by vegetable oils and a stronger Canadian dollar.
Chicago soyoil was down, while European rapeseed was mostly lower on Tuesday.
However, Malaysian palm oil was up and crude oil was higher because of the ongoing threat of attacks on vessels in the Red Sea.
The Canadian dollar was up one-third of a U.S. cent compared to Monday's close. Statistics Canada reported the country's annual inflation rate remained at 3.1% in November.
One analyst said rain in Brazil is putting pressure on soybeans, which is spilling over to the rest of the Chicago soy complex. The analyst added it was "critical" for canola to be above C$660 per metric ton to avoid future losses.
About 19,000 canola contracts traded by 11:10 a.m. EST.
Prices in Canadian dollars per metric ton:
Price Change Jan 644.70 dn 6.80
Mar 657.60 dn 7.30
May 666.50 dn 7.70
Jul 674.10 dn 7.10
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
12-19-23 1145ET
