WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were sharply lower, dragged down by steep declines in crude oil and the Chicago soy complex.
Additional pressure Wednesday on canola came from weakness in Malaysian palm oil and European rapeseed.
An analyst said crude was lower because of the prospect of a deal between the U.S. and Iran, despite President Donald Trump's threatening to bomb Iran should latter not agree to a deal. The analyst added there will likely be a selloff of the commodities once the Middle East war is over.
Statistics Canada issued its stocks as of March 31 report, and total canola stocks increased to nearly 10 million metric tons from about 7.84 million a year ago.
The Canadian dollar was virtually unchanged at 73.42 U.S. cents.
Approximately 54,600 canola contracts were traded as of 11:54 a.m. EDT.
Prices are in Canadian dollars per metric ton.
Contracts Price Change Jul 745.30 dn 12.00 Nov 748.00 dn 14.10 Jan 755.30 dn 13.50 Mar 763.00 dn 10.80
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-06-26 1237ET
