ICE Midday : Bad Start to New Year for Canola

WINNIPEG, Manitoba--On the first trading day of 2024, the ICE Futures canola market was under pressure due to weakness in comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red, while crude oil eased back.

The loonie was down half of a U.S. cent compared with Friday's close. The Bank of Canada didn't publish an exchange rate on Monday due to the New Year's Day holiday.

One analyst said that supportive weather for South American soybean crops is bringing prices down, but China should begin new crop purchases very soon.

About 13,500 contracts have traded at 10:14 a.m. CST. Prices in Canadian dollars per metric ton:

Canola Price Change

Mar 642.50 dn 10.90

May 650.70 dn 10.40

Jul 656.30 dn 10.50

Nov 653.60 dn 10.10

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

(END) Dow Jones Newswires

01-02-24 1144ET