ICE Canola Eases Back as Comparable Oils Cool Off

WINNIPEG, Manitoba--ICE canola futures were lower Tuesday morning due to a lack of support from most other vegetable oils.

There were losses in Chicago soybeans and soymeal, while soyoil was relatively steady. Also, European rapeseed was lower, but some support came from gains in Malaysian palm oil. Unlike Monday's sharp upswing, global crude oil prices were moderately higher Tuesday morning which provide some support to the vegetable oils.

The Canadian dollar was virtually unchanged Tuesday morning with the loonie at 74.43 U.S. cents compared with Monday's close of 74.42 U.S. cents.

About 6,050 contracts had traded as of 9:35 a.m. ET.

Prices in Canadian dollars per metric ton at 9:35 a.m. ET:

   Canola     Price     Change 
 
      May     774.60    dn 1.80 
      Jul     756.70    dn 3.10 
      Nov     726.40    dn 3.50 
      Jan     729.90    dn 3.10 

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

(END) Dow Jones Newswires

04-04-23 1001ET