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ICE canola consolidates in narrow range Monday morning

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Published: December 4, 2023

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – 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 2.0 per cent compared to 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 8:48 CST.

 

Prices in Canadian dollars per metric ton at 8:48 CST:

 

Canola            Jan   680.80    up  0.30

Mar   687.80    dn  0.40

May   694.90    dn  1.20

Jul   701.10    dn  1.60

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