ICE Canola Futures Fall as Crude Oil Prices Surge

The Intercontinental Exchange (ICE) canola futures continued to weaken on Monday, despite losses in comparable oils improving. Crude oil rose sharply following the exchange of attacks between the United States and Iran in the Middle East.

The spillover from crude saw the Chicago soy complex recover from earlier losses in soybeans and soyoil for their nearby contracts, closing relatively steady. However, soymeal remained lower on the day. European rapeseed also softened its declines, while Malaysian palm oil was closed for a holiday.

An analyst stated that profit-taking and pressure from the impending canola harvest likely weighed on canola values as well.