ICE Canada Morning Comment : Canola Dips With Lower Veg Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures eased back on Monday morning, taking its lead from other vegetable oils.

There were declines in European rapeseed, Malaysian palm oil and Chicago soyoil. However, those losses were tempered by gains in Chicago soybeans and soymeal. Also, there's spillover from increases in crude oil.

The January canola contract remained well above its major moving averages.

Canola crush margins climbed higher, with the January position exceeding C$125 per metric ton above the futures.

The Canadian dollar was higher on Monday morning with the loonie at 71.98 U.S. cents compared to Friday's close of 71.78.

Approximately 7,000 contracts were traded by 9:37 ET and prices in Canadian dollars per metric ton were:

 
           Price      Change 
Jan       644.70     dn 1.20 
Mar       655.50     dn 1.00 
May       662.20     dn 1.50 
Jul       666.50     dn 0.70 
 

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

(END) Dow Jones Newswires

11-04-24 1002ET