WINNIPEG -- Canola futures on the Intercontinental Exchange were declining in the middle of Friday trading, pulled down by crude oil prices.
Despite a vessel being attacked off the coast of Oman on Thursday, crude oil prices continued to fall due to easing supply fears and progress towards a permanent end to the war between Iran and the United States.
Crude oil lost approximately US$3 per barrel on Friday. Chicago soyoil and European rapeseed were down, but Malaysian palm oil was higher.
Statistics Canada will release its principal field crop area estimates on June 30 with analysts projecting canola acres to total between 22 million and 23 million.
The Canadian Grain Commission reported 69,800 tonnes of canola were exported during the week ended June 21, well below the 183,400 tonnes shipped the previous week. So far this marketing year, 7.867 million tonnes of canola were exported, compared to 8.932 million one year ago.
