WINNIPEG, Manitoba--ICE canola futures were lower at midsession Tuesday, being pulled down by weakness in vegetable oils.

There were sharp declines in Chicago soyoil and European rapeseed, with more moderate losses in Malaysian palm oil.

An analyst said comments made Tuesday by U.S. Federal Reserve Chair Jerome Powell about the possibility of forthcoming interest rate increases sent crude oil prices lower. In turn that put pressure on the vegetable oils.

Decreases in Chicago soybeans and soymeal added more pressure on to canola.

While canola crush margins continue to be very strong, they have steadied over the last couple of days.

With a strong surge in the U.S. dollar, the Canadian dollar fell on Tuesday. The loonie retreated to 72.84 U.S. cents, compared with Monday's close of 73.45 U.S. cents.

Approximately 10,000 canola contracts were traded as of 11:31 a.m. ET.


Prices in Canadian dollars per metric ton at 11:31 a.m. ET: 


 
   Canola     Price       Change 
      May     816.30     dn 5.50 
      Jul     812.00     dn 4.80 
      Nov     785.40     dn 6.10 
      Jan     790.00     dn 6.20

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


(END) Dow Jones Newswires

03-07-23 1201ET