Canola Prices Plummet on ICE Amid Oil and Soybean Weakness

ICE Canola futures closed lower on Monday due to pressure from weakness in crude oil and Chicago soyoil. The contract prices fell by more than C$28 per tonne, with November canola settling at 770.60 and January canola at 779.40.

The decline was also influenced by the U.S. Treasury Secretary Scott Bessent's comments over the weekend, which hinted at new sanctions against Iran. This led to a loss of more than US$2 per barrel in crude oil prices.

Additionally, the U.S. Environmental Protection Agency extended the Sept. 1 deadline for refineries to meet biofuel blending standards, causing Chicago soyoil to fall by over two cents per pound. European rapeseed and Malaysian palm oil also declined.