Сollapse in oil prices led to a sharp reversal in rapeseed and canola prices

The news that Iran and Israel are ceasing fire and Trump’s call not to raise oil prices led to a sharp drop in August oil futures yesterday by 7.7% to $71.5/barrel, which caused a significant decrease 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 a US base in Qatar were intercepted, and President Trump announced that Israel and Iran would cease fire from June 24. Recall that the Iranian leader was dissatisfied with the support of his ally Russia, and after the visit of the Iranian Foreign Minister to Russia and the meeting with Putin, he probably realized that there would be no such support at all. July canola futures fell 3.2% yesterday to 721 CAD/t or $525.6/t, completely losing last week’s gains (0% month-on-month), while November futures fell 2.6% to 725 CAD/t (+4% month-on-month). Cool, rainy weather is forecast for Canada this week, which will continue to ...