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ICE Futures canola contracts traded lower on Thursday, reversing gains from Tuesday as trading resumed following the National Day for Truth and Reconciliation. The November canola contract decreased by C$12.00 to C$811.70 per tonne.
ICE canola futures erased earlier losses and finished with independent strength despite declines in multiple rival oils.
Canola futures on the Intercontinental Exchange fell further late Thursday morning, with declines in comparable oils weighing on oilseed markets. Crude oil dropped on reports of Saudi pipeline damage tied to Iran-backed Houthi rebels.
ICE canola futures in Winnipeg, Manitoba, shed earlier losses and turned positive Thursday. The turnaround followed earlier strong gains in crude oil, with crude now mixed, and support from higher Chicago soybeans and soymeal.