ICE Canola Part of Broad-based Declines

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Tuesday morning, but lagged comparable oils to the downside after posting larger losses on Monday.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red. Crude oil continued to fall after OPEC+ announced it will phase out supply cuts by next year.

The Canadian dollar was down two-tenths of a United States cent compared to Monday's close.

Rain will continue throughout Saskatchewan and Manitoba as well as in central Alberta. Temperatures are expected to be in the teens to low-20 degrees Celsius.

Roughly 13,500 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:42 CDT:

 
        Price   Change 
 Jul.   632.40  dn 2.00 
 Nov.   655.40  dn 1.80 
 Jan.   661.80  dn 2.60 
 Mar.   666.20  dn 3.30 
 

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

(END) Dow Jones Newswires

06-04-24 1012ET