Canola Futures Plummet as Crude Oil Prices Tumble

ICE Canola futures were in decline on Friday morning, continuing the downward trend from the previous overnight session. The drop was attributed to a sharp decline in crude oil prices, which had a spillover effect on vegetable oils. This was also reflected in other markets, such as the Chicago soy complex and European rapeseed, which were experiencing pullbacks.

The Canadian Grain Commission reported that canola exports fell by nearly 45% during the week ended July 19 to 168,100 tonnes. Despite this decline, cumulative exports for 2025-26 exceeded Agriculture and Agri-Food's projection of 8.5 million tonnes at 8.73 million tonnes.

The Canadian dollar was also lower on Friday morning, trading at 70.90 U.S. cents compared to Thursday's close of 71.01. Approximately 29,850 contracts had been traded by 8:37 CDT.