ICE Canola Futures Decline Amid Losses in Comparable Oils

The Intercontinental Exchange (ICE) canola futures prices declined on Wednesday morning due to losses in comparable oils, including crude oil, Chicago soyoil, European rapeseed, and Malaysian palm oil. However, gains in Chicago soybeans and soymeal tempered the pullback.

The November canola contract slipped below its 20-day moving average but remained above other technical levels. Canola crush margins also receded, with the November positions decreasing by more than C$13 to between C$258.70 and C$263.50 per tonne above the futures.

Manitoba reported that its canola harvest was five percent complete in the central region, which is the only one of the five regions in the province reporting such progress.