ICE Canola Futures Correct Gains Amid Crude Oil Decline

The Intercontinental Exchange's (ICE) canola futures took a step back on Wednesday morning, reversing some of the gains from the previous day when prices reached their highest levels of the year.

This correction comes as crude oil prices are experiencing a decline despite ongoing tensions between the US and Iran. According to U.S. Secretary of Energy Chris Wright, 17 million barrels of crude oil passed through the Strait of Hormuz on Monday, marking the largest one-day amount since the start of the war.

Chicago soyoil, European rapeseed, and Malaysian palm oil are also trading lower. The Canadian dollar has lost less than a tenth of a US cent compared to Tuesday's close, with the Bank of Canada keeping its key interest rate at 2.25%.