ICE Canola Futures Slide for Second Straight Day Amid Vegetable Oil Weakness

Canola futures on the Intercontinental Exchange (ICE) fell for the second straight day due to weakness in vegetable oils. The Chicago soyoil price dropped by more than one US cent per pound, while European rapeseed and Malaysian palm oil also declined. However, crude oil prices improved slightly amid ongoing uncertainty between the US and Iran.

On Thursday morning, canola futures were trading lower across various expirations, with November contracts leading the decline at 13.10 Canadian dollars per metric ton. The total number of contracts traded was nearly 19,300.

The Canadian dollar appreciated by three-tenths of a US cent compared to Wednesday's close, while the Bank of Canada maintained its key interest rate at 2.25% on Wednesday.