WINNIPEG, Manitoba--Intercontinental Exchange canola futures were pulling back mid-session Monday, due to pressure from sharp declines in Chicago soyoil.

An analyst commented that Brazilian soybeans were significantly cheaper than those from the United States.

"Look out canola, it's going to get pretty ugly," he stated, adding "it's difficult to be encouraged by the oilseed side right now."

Losses in Chicago soybeans, European rapeseed, and Malaysian palm oil also weighed on canola values, while higher soymeal attempted to limit those declines. Despite widespread turmoil in the Middle East, global crude oil prices fell back due to China's sluggish economy, putting pressure on the oilseeds.

By late-Monday morning the Canadian dollar was virtually unchanged with the loonie at 74.33 U.S cents.

Approximately 22,300 canola contracts were traded as of 11:25 EST, with prices in Canadian dollars per metric tonne: 


 
Canola 
        Price   Change 
   Mar  613.50  dn 10.70 
   May  619.10  dn 10.30 
   Jul  621.50  dn 11.50 
   Nov  620.20  dn 11.10

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-29-24 1150ET