WINNIPEG, Manitoba-- Intercontinental Exchange canola futures remained lower at mid-session Monday despite an attempt to recover.

An analyst stated canola was testing its support level of C$600 per tonne in the nearby July contract and should it break through that, the next level is around C$585/tonne.

"Whatever inertia we had to the upside is done," the analyst commented.

Pressure on the oilseed was coming from losses in the Chicago soy complex, especially in soybeans. European rapeseed also was pulling back hard and Malaysian palm oil was closed for another holiday. Upticks in crude oil tempered the declines in the vegetable oils.

Prospects for a good canola crop across the Prairies coupled with large old crop stocks weighed on values.

The Canadian dollar was virtually unchanged by late Monday morning with the loonie at 72.70 U.S. cents.

About 29,750 canola contracts were traded as of 11:38 a.m. ET, with prices in Canadian dollars per metric tonne:


Canola 
    Price  Change 
Jul 598.60 dn 6.80 
Nov 617.50 dn 6.90 
Jan 623.80 dn 7.70 
Mar 628.40 dn 7.90 

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


(END) Dow Jones Newswires

06-17-24 1203ET