ICE Midday: Canola plunges with crude oil

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was falling in the middle of trade on Monday, pulled down by lower crude oil prices.

Both Brent crude oil and West Texas Intermediate were down nearly US$4 per barrel after Israel said it would only target Iranian military targets and not oil facilities with missile strikes.

Chicago soyoil and European rapeseed were also dragged downwards, while Malaysian palm oil was mixed.

One analyst said lower prices could provide an opportunity for China to buy more canola. So far this marketing year, Canadian canola exports are more than double last year’s pace.

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

About 37,000 contracts have traded at 10:31 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 625.10     dn 16.30

Jan 639.80     dn 15.10

Mar 648.50     dn 15.10

May 655.10     dn 13.60