Published: 6 hours ago
Glacier FarmMedia – Canola futures on the Intercontinental Exchange tumbled as crude oil fell on Friday morning.
One day after Israel and Lebanon reached a 10-day ceasefire, Iran announced that the Strait of Hormuz will be reopened for the remainder of the ceasefire. The announcement caused crude oil prices to drop between US$7 to US$9 per barrel. United States President Donald Trump said that he expects the war with Iran to end “pretty soon.”
Declining crude oil spilled over into vegetable oils. Chicago soyoil lost nearly two U.S. cents per pound, while European rapeseed and Malaysian palm oil were also down.
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The Canadian Grain Commission reported 284,100 tonnes of canola were exported during the week ended April 12, slightly above the 283,500 tonnes from the previous week. So far this marketing year, 5.874 million tonnes of canola were exported, compared to 7.382 million at this point last year.
The Canadian dollar gained one-quarter of a U.S. cent compared to Thursday’s close.
Nearly 33,100 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:
May 699.30 dn 11.10
Jul 713.60 dn 10.70
Nov 713.90 dn 8.90
Jan 720.90 dn 8.90
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