Canola Futures Decline Despite Rising Crude Oil Prices on ICE

Canola futures on the Intercontinental Exchange (ICE) declined on Wednesday morning despite rising crude oil prices. Statistics Canada reported that canola ending stocks as of July 31 were at 1.9 million tonnes, up by 19% compared to a year earlier and in line with the five-year average.

The recent escalation in fighting between the United States and Iran caused Brent crude oil prices to gain nearly US$3 per barrel, lifting it above US$100 per barrel for the first time in weeks. However, European rapeseed was higher while Chicago soyoil and Malaysian palm oil were down.