Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, as a selloff in crude oil spilled into the global vegetable oil markets.
- The United States, Israel and Iran agreed to a two-week ceasefire shortly before a deadline imposed by U.S. President Donald Trump Tuesday evening, although details of the terms remain unclear.
- Crude oil fell sharply on the news, with Brent crude down 17 per cent at US$90.55 Wednesday morning.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, contributing to the softer tone in canola.
- Chart-based speculative selling added to the softer tone in canola, although historically wide crush margins likely had end users buying on the way down.
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- About 35,100 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Canola May 709.20 dn 10.20
Jul 722.20 dn 10.60
Nov 718.70 dn 8.90
Jan 725.50 dn 8.70
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