Canola Futures Dip Amid Rising Crude Oil Prices

ICE canola futures took a hit on Friday morning despite a rise in crude oil prices. The Intercontinental Exchange reported that canola prices were lower, with November and January contracts down by $4.50 and $4.60 per metric ton respectively.

The increase in crude oil prices was significant, with prices rising over US$1 per barrel following Iran's attacks on United States military bases in Kuwait and Bahrain overnight. However, the vegetable oil complex showed weakness, with Chicago soyoil down by nearly one U.S. cent per pound and European rapeseed and Malaysian palm oil also lower.

The Canadian dollar was relatively stable, down less than one-tenth of a U.S. cent compared to Thursday's close. A total of 16,500 contracts were traded on the ICE platform as of 8:45 CDT.