ICE canola drops, follows crude oil’s lead

Glacier FarmMedia MarketsFarm – The ICE Futures canola market came out of the Thanksgiving Day weekend lower on Tuesday, following weaker vegetable oil prices and plunging crude oil.

Crude oil was down more than US$3 per barrel on Tuesday morning after Israel assured it would not attack Iranian oil facilities. Chicago soyoil, European rapeseed and Malaysian palm oil were also down.

Canola was not traded on Monday due to the Canadian Thanksgiving Day holiday.

The Canadian dollar was down one-quarter of a United States cent compared to Friday’s close.

Approximately 16,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:36 CDT:

Nov.  603.10  dn 11.30

Jan.  615.00  dn 11.80

Mar.  627.00  dn 11.40

May   635.40  dn 11.20