ICE Canola Slides Further

WINNIPEG, Manitoba--The ICE Futures canola market continued its downturn Tuesday morning as the May contract fell to its lowest level in a month.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red, while crude oil declined despite the recent Iranian drone attack on Israel.

The Canadian dollar was down one-third of a U.S. cent compared with Monday's close. Statistics Canada reported Tuesday that the country's annual inflation rate went up 0.1 of a percentage point to 2.9% in March, but would have went down if gasoline prices were excluded.

Two different systems brought rain to southern Alberta and southern Manitoba earlier Tuesday, but the heaviest amounts are expected later this week for Manitoba.

Nearly 23,300 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:40 a.m. CDT:

 
                   Price    Change 
Canola        May  614.90  dn 5.00 
              Jul  626.50  dn 4.90 
              Nov  641.90  dn 3.90 
              Jan  649.70  dn 3.70 
 
 

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

(END) Dow Jones Newswires

April 16, 2024 10:06 ET (14:06 GMT)

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