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Commodities

Canola Futures Plummet Amid Soy Complex Decline

Guavy AI Editorial Team
Instruments
Oil
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The Intercontinental Exchange (ICE) canola futures saw sharp losses on Wednesday, following the Chicago soy complex lower.

Soyoil declined steeply, with moderate reductions in soybeans and soymeal. European rapeseed also dropped, but Malaysian palm oil moved higher.

Crude oil rebounded strongly, tempering the decline in vegetable oils.

An analyst noted that soyoil staying above 70 cents per pound is positive for canola prices.

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