ICE Canada Morning Comment : Canola Easing Back

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were slightly lower Monday morning.

Global crude oil prices were on the rise, and lending support to the vegetable oils. That generated increases in Malaysian palm oil and Chicago soyoil, while European rapeseed remained lower.

Also, Chicago soybeans were inching upwards, but soymeal was easing back.

Agriculture and Agri-Food Canada issued its December supply and demand report Friday. Based on Statistics Canada's canola production estimate of 18.33 million tonnes from earlier this month, AAFC kept the oilseed's exports at 7.70 million tonnes.

Meanwhile, domestic usage was raised to 10.78 million tonnes and ending stocks to 1.45 million.

Strong crush margins continued to underpin canola values.

The Canadian dollar was virtually unchanged Monday morning with the loonie at 74.77 U.S. cents.

About 12,000 contracts had traded by 9:36 a.m. ET and prices in Canadian dollars per metric tonne were at:

Canola 
    Price  Change 
Jan 644.30 dn 1.10 
Mar 658.80 dn 0.10 
May 666.60 dn 1.20 
Jul 672.50 dn 2.00 

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

(END) Dow Jones Newswires

12-18-23 1008ET