ICE canola weakens under crude oil pressure

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market took a tumble on Thursday morning as a potential new deal between the United States and Iran brought down crude oil prices.

Crude oil fell by nearly US$2 per barrel and its weakness spilled over into vegetable oils. Chicago soyoil lost nearly three U.S. cents per pound due to new biofuel blending proposals from the Environmental Protection Agency, while European rapeseed and Malaysian palm oil were also lower.

The Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday’s close.

Nearly 16,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:37 CDT:

Jul  701.00  dn 20.50

Nov  675.20  dn 16.90

Jan  681.20  dn 16.70

Mar  687.10  dn 16.30