Glacier FarmMedia — ICE Futures canola contracts were sharply lower at midday Wednesday, reacting to the latest developments in the Middle East.
- 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 13 per cent at US$95 at midday.
- 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 as the May contract broke below the lower end of its nearby trading range.
- However, historically wide crush margins of about C$350 per tonne above the nearby futures likely had end users buying on the way down.
- An estimated 64,700 canola contracts traded as of 10:21 CDT.
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ICE canola drops on Mideast ceasefire news
Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, as a selloff in crude oil spilled into the…
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Canola May 706.00 dn 13.40
Jul 719.40 dn 13.40
Nov 716.40 dn 11.20
Jan 723.30 dn 10.90
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