Canola Futures Decline Amid Crude Oil Drop
Canola futures on the Intercontinental Exchange (ICE) declined on Friday morning ahead of the weekend, but remained above their major averages. The price drop comes as crude oil lost over US$1 per barrel due to a lack of new attacks between the United States and Iran overnight.
The Canadian Grain Commission reported that 58,300 tonnes of canola were exported during the week ended August 30, down from 118,100 the previous week. However, domestic disappearance for canola was higher at 294,600 tonnes compared to 267,300 the previous week.
Nearly 15,800 contracts were traded in canola futures on Friday, with prices in Canadian dollars per metric ton as follows: Nov at $822.20 (down 6.50), Jan at $832.40 (down 7.10), Mar at $840.70 (down 7.70), and May at $845.90 (down 7.70).