ICE Canola Falls Amid Stronger Loonie

Canola futures on the Intercontinental Exchange (ICE) fell on Thursday morning despite rising crude oil prices. The decline was partly due to a stronger Canadian dollar, which reached a three-month high at 72.56 US cents.

The sharp increase in crude oil prices, however, lifted other commodities such as Chicago soyoil and Malaysian palm oil. In contrast, European rapeseed futures dropped.

Meanwhile, the trade tensions between the US and Canada remain a concern for Canadian farmers. The US had threatened to impose tariffs on nearly $30 billion worth of Canadian goods, but officials are working on finalizing a deal that would avert these tariffs.