Glacier FarmMedia MarketsFarm – The ICE Futures canola market erased Monday’s gains, pressured by vegetable oils and a stronger loonie.
Chicago soyoil was down, while European rapeseed was mostly lower. However, Malaysian palm oil was up and crude oil was higher due to the ongoing threat of attacks on vessels in the Red Sea.
The Canadian dollar was up one-third of a United States cent compared to Monday’s close. Statistics Canada reported today that the country’s annual inflation rate remained at 3.1 per cent in November.
One analyst said that rains in Brazil are putting pressure on soybeans, which is spilling over to the rest of the Chicago soy complex. The analyst added that it was “critical” for canola to be above C$660 per tonne in order to avoid future losses.
About 19,000 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 644.70 dn 6.80
Mar 657.60 dn 7.30
May 666.50 dn 7.70
Jul 674.10 dn 7.10
