WINNIPEG, Manitoba--Intercontinental Exchange canola futures were weaker Friday morning, extending the downturn from the overnight session.
Crude oil was sharply lower in Friday trading, with the spillover weighing on the vegetable oils. The Chicago soy complex and European rapeseed were pulling back, while Malaysian palm oil nudged upward in most contracts.
Trading on Friday could be a spate of profit-taking, the November canola contract has risen by more than C$40 per metric ton as over the last week. Those gains were fueled by the Middle East war driving up crude oil and by weather conditions on the Prairies.
The Canadian Grain Commission reported that canola exports fell back nearly 45% during the week ended July 19 at 168,100 metric tons. That brought cumulative exports to 8.73 million metric tons, exceeding Agriculture and Agri-Food's most recent projection for 2025-26 of 8.5 million metric tons.
The Canadian dollar was lower on Friday morning with the loonie at 70.90 U.S. cents, compared with Thursday's close of 71.01.
