Canola Futures Contracts Fall as Crude Oil Prices Retract

The Intercontinental Exchange (ICE) canola futures contract is experiencing some losses on Thursday morning in Canada, but remains poised to drop further due to pressure from weaker comparable oils.

Crude oil prices are also retreating sharply, causing a ripple effect that's pushing European rapeseed and Malaysian palm oil down as well. Chicago soybeans and soyoil are also feeling the impact, while Chicago soymeal is seeing modest increases.

Statistics Canada released an estimate of canola production at 22.05 million tonnes on Wednesday, which was just short of last year's record crop. However, traders are now focusing on harvest progress rather than this data.