ICE canola tumbles on Tuesday

The ICE Futures canola market fell back on Tuesday morning after hitting a three-month high on Friday, as activity resumed following the Remembrance Day long weekend.

Chicago soyoil and Malaysian palm oil saw heavy declines, while European rapeseed was mixed. However, crude oil was higher after retreating on Monday due to weak Chinese demand and a strong United States dollar.

The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Friday’s close. The Bank of Canada did not post a closing exchange rate on Monday due to Remembrance Day.

Nearly 18,900 contracts were traded. Prices in Canadian dollars per metric ton as of 8:45 CST:

Jan.  646.30  dn 18.80

Mar.  659.40  dn 18.50

May   667.90  dn 18.20

Jul.  671.30  dn 18.20