ICE Canola Falls Amid Crude Oil Losses, Analyst Sees Future Gains

ICE Canola futures were down on Thursday due to losses in crude oil and other oilseed markets. The November contract was still above its major moving averages, but canola crush margins fell back by C$9 to C$10 per tonne.

An analyst noted that the market should gain strength from oil prices, which could improve the outlook for canola. Field operations on the Prairies were limited due to rain and high temperatures, with Saskatchewan's weekly crop report set to be released later in the day.

The Canadian dollar was trading at 72.54 U.S. cents, up from Wednesday's close of 72.13. Approximately 31,600 canola contracts were traded as of 10:39 a.m. CDT.