WINNIPEG, Manitoba--ICE Futures canola contracts were mixed Monday morning, seeing some consolidation to start the week amid ideas Friday's sharp losses were overdone.

Statistics Canada raised its estimate for the country's 2023/24 canola production to 18.3 million tonnes, from 17.4 million in September. That was at the higher end of trade estimates, but still down by 2% compared with the previous year.

A softer tone in Chicago soybeans and soyoil put some pressure on canola, although Malaysian palm oil and European rapeseed futures were steady in overnight trade.

The Canadian dollar was slightly weaker Monday morning, providing some underlying support.

About 11,800 canola contracts had traded as of 9:48 a.m. ET.

Prices in Canadian dollars per metric ton at 9:48 a.m. ET: 


Canola 
    Price  Change 
Jan 680.80 up 0.30 
Mar 687.80 dn 0.40 
May 694.90 dn 1.20 
Jul 701.10 dn 1.60

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


(END) Dow Jones Newswires

12-04-23 1024ET