ICE Canola Midday: Strong pressure from weaker crude oil

Canola futures on the Intercontinental Exchange were down hard at mid-session Friday, as crude oil tumbled, taking the vegetable oils with it. However, the Canadian oilseed was moving off of earlier lows. The markets were riding a wave of optimism with the United States and Iran heading toward resuming their talks. That led to crude oil dropping by more than US$12 per barrel. The Chicago soy complex was lower, with soyoil retreating. While Malaysian palm oil was down modestly there were large declines in MATIF rapeseed. “The impact on the markets was pretty swift,” an analyst said. “Whether it’s rational or not is another thing.” “I would be very cautious trading on this stuff,” the analyst warned. Canola exports of 284,100 tonnes for the week ended April 12 were little changed from the previous week, the Canadian Grain Commission reported. After 36 weeks, cumulative exports of 5.87 million tonnes were more than 1.5 million tonnes less than a year ago. The Canadian dollar was ...