What will you be using the ammo for? Cannelures are for crimps, but you do not need to crimp just because of a cannelure. You can also crimp a non-cannelured bullet, or not.
I shoot a match AR and an AR varminter. For the match rifle I cannot get the long range performance I need with a cannelure. For all day blasting of PDs in the varminter, cannelured el-cheapo bullets are fine for close range shots out to around 150 yds or so. I use a bit heavier bullets for the longer shots, without cannelure. Hornady V-Max are great for PDs, and paper punching.
223 bullets are .224 inches in diameter.
More info on the rifle you will be using with twist rate would be helpful in choosing a good bullet for your application.