ICE Canola Weaker Early Tuesday

WINNIPEG--The ICE Futures canola market was weaker Tuesday morning as activity in the U.S. markets resumed after Monday's Martin Luther King Jr. Day closure.

Losses in outside markets, including European rapeseed and Malaysian palm oil futures, accounted for some spillover selling pressure in the Canadian oilseed. Chicago soybeans and soyoil also were softer in early trade.

Solid end user demand helped temper the declines, as crush margins remain historically wide.

The Canadian dollar was steady in early activity, providing little direction.

About 3,100 canola contracts had traded as of 9:46 a.m. ET.

Prices in Canadian dollars per metric ton at 9:46 a.m. ET:

Canola 
    Price  Change 
Mar 839.40 dn 1.50 
May 835.40 dn 4.20 
Jul 837.00 dn 4.20 
Nov 817.40 dn 4.70 

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

(END) Dow Jones Newswires

01-17-23 1019ET