ICE Canola Futures Rebound as Tensions Weigh on Oil Prices

Canola futures on the Intercontinental Exchange (ICE) rebounded slightly on Thursday morning after heavy losses, despite mixed sentiment in comparable oils. The recent uptick comes as crude oil prices remained lower due to attacks between the United States and Iran, with some vessels taking alternate shipping routes. Crude oil dropped approximately US$1 per barrel today.

Chicago soyoil was steady, while European rapeseed was down and Malaysian palm oil was up. The Canadian dollar also gained, rising two-tenths of a U.S. cent compared to Wednesday's close.

Nearly 19,700 contracts were traded on the ICE, with prices in Canadian dollars per metric ton as follows: Nov at US$774.00 (up 2.40), Jan at US$782.80 (up 1.90), Mar at US$790.30 (up 2.40), and May at US$793.90 (up 1.20).