WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were declining Friday morning, following the losses in comparable oils.
Crude oil was weaker as the U.S. and Iran reached an interim deal that extends their ceasefire and reopens the Strait of Hormuz. That sent Chicago soybeans and soyoil, as well as European rapeseed and Malaysian palm oil downward.
Heavy rains across the Prairies this week delayed the completion of spring planting. Overland flooding in some areas also was an issue.
Saskatchewan reported its canola was 93% planted provincewide with about 60% of the crop in the seedling stage.
At 117,800 tonnes, canola exports for the week ended June 7 were less than half those the previous week, the Canadian Grain Commission reported. Domestic use nudged up to 236,000 tonnes on the week.
