WINNIPEG, Manitoba--New crop canola futures on the Intercontinental Exchange ended the week in the red, pulled lower by losses in some comparable oils.
Despite a vessel being attacked off the coast of Oman on Thursday, crude oil prices dropped due to an easing of supply fears and geopolitical tensions between the United States and Iran.
Ahead of Statistics Canada's planted area report on Tuesday, analysts expect canola acres to total between 22 million and 23 million, above the five-year average of 21.88 million.
Crude oil nearly lost US$3 per barrel but Chicago soyoil was up, limiting canola's losses. European rapeseed was lower while Malaysian palm oil was higher.
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.
