ICE Close: Canola Gets Helping Hand from Loonie 

A weaker Canadian dollar helped to boost canola futures on Monday, as did some strength in the Chicago soy complex. 

Soybeans dropped to more than three-year lows earlier today but managed to rebound on short covering, with support spilling over to canola. Soyoil also ended higher, but soymeal was mixed. Also today, consultancy AgRural lowered its estimate for Brazil's 2023-24 soybean crop to 147.7 tonnes from its January forecast of 150.1 million. 

The loonie remained under some pressure today from last week’s Statistics Canada’s consumer price index report, which showed the January inflation rate cooler than expected.  

March canola was up $8.70 to $581.10, May gained $10.10 to $588.30, and November was $8 higher at $601.60. 

Source: DePutter Publishing Ltd.

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