ICE Canola Higher as Crude Oil Drops

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange showed small gains Tuesday morning while comparable oils declined.

Despite the U.S. starting a blockade in Iranian ports on Monday, crude oil prices were down nearly US$2 per barrel due to speculation that the U.S. and Iran could resume negotiations to end the war.

The International Energy Agency also trimmed its global crude oil demand forecast with demand and supply expected to drop by 80,000 and 1.5 million barrels per day, respectively, in 2026.

Crude oil's weakness spilled over into Chicago soyoil, European rapeseed and Malaysian palm oil.

The Canadian dollar gained one-third of a U.S. cent compared with Monday's close.

Nearly 18,700 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:42 CDT:

 
           Price      Change 
May       706.80     up 1.50 
Jul       719.30     up 1.90 
Nov       719.00     up 1.20 
Jan       726.90     up 1.50 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

04-14-26 1013ET