ICE Canola Lower Despite Rising Crude Oil
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Canola futures on the Intercontinental Exchange fell despite rising crude oil prices, with nearby prices at least C$30 per tonne below their 20-day averages. The decline is attributed to reduced buying from China, although support came from European rapeseed and Malaysian palm oil. Crude oil rose following a U.S. blockade on Venezuelan oil tankers. The Canadian dollar weakened slightly, and nearly 15,000 contracts were traded. Canola prices per metric ton as of 9:45 a.m. ET were down across various months.
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