The collapse of oil prices led to a sharp reversal in rapeseed and canola prices

Information about Iran and Israel ceasing fire, and Trump's call not to raise oil prices, led yesterday to a sharp drop in August oil futures by 7.7% to $71.5/barrel, which caused a significant decline in canola and rapeseed prices. Iran's response to the US attack on the country's nuclear facilities was less serious than expected, as 14 Iranian missiles sent to the US base in Qatar were intercepted, and President Trump announced that Israel and Iran will cease fire from June 24. It is worth recalling that the Iranian leader was dissatisfied with the support of his ally RF, and after the visit of the Iranian Foreign Minister to RF and a meeting with Putin, he probably realized that such support would not be available at all. July canola futures fell yesterday by 3.2% to 721 CAD/t or $525.6/t, completely losing last week's growth (0% per month), and November futures - by 2.6% to 725 CAD/t (+4% per month). This week in Canada, cool weather with rain is forecast, which will continue ...