Canola Futures Decline Amid Crude Oil Price Surge

ICE canola futures declined on Friday morning despite an increase in crude oil prices. The Intercontinental Exchange reported that the vegetable oil complex showed weakness, with Chicago soyoil losing nearly one U.S. cent per pound and European rapeseed and Malaysian palm oil also down.

The rise in crude oil prices was attributed to the recent attacks on United States military bases in Kuwait and Bahrain by Iran, which resulted in a surge of over US$1 per barrel. However, this did not translate to higher canola futures prices, with nearly 16,500 contracts traded as of 8:45 CDT.

The Canadian dollar was also down, falling less than one-tenth of a U.S. cent compared to Thursday's close. The November contract price for ICE canola was US$764.10 per metric ton, while the January and March contracts were priced at US$773.00 and US$779.40 respectively.