Loading…
ICE canola futures fell $15 per tonne on January 29, 2024, to a fresh contract low of $608.70, driven by losses in Chicago soyoil and weaker European rapeseed and Malaysian palm oil. Chicago soybeans also declined, with March beans at $11.94 per bushel, their lowest close since June.
Lower crude oil prices further weighed on vegetable oils.
Weak vegetable oil complex and lack of U.S. export demand keep canola and soy-based meal under pressure. Lower crude reduces biofuel-linked support for oils.
marketsfarm.comMike JubinvilleJan 29, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Dated the same day as the move, it reports Chicago soyoil losses on Jan 29 alongside lower crude oil, weaker palm oil and rapeseed, and contract-low canola, which points to a sentiment and input-cost driver in vegetable oils.
