ICE Canola Futures Slip Amid Crude Oil Declines

The Intercontinental Exchange (ICE) canola futures market continued to slide on Friday morning due to declining crude oil prices, which are putting pressure on vegetable oils.

An analyst noted that the November canola contract may struggle to remain above C$820 per tonne, especially with Chicago soyoil trading in the 67-cent per pound range.

The Canadian Grain Commission reported a new August record for the canola crush at nearly 1.24 million tonnes and canola exports of 43,300 tonnes for the week ended Sept. 20, up from virtually zero during the previous week.