ICE canola slips 2% as crude oil pressures global vegoils
All figures in Canadian dollars unless noted
WINNIPEG, Manitoba, Oct 28 (Reuters) -ICE canola futures fell more than 2% on Monday on weakness in related commodities, including soybean oil and crude oil.
* Most-traded January canola futures RSF5 fell to $639.70 per metric ton, a decline of $15.20. Declines in all old-crop months were similar, while new-crop November 2025futures RSX5 also fell, but by less.
* A plunge of more than 5% in crude oil CLc1 futures drove weakness across much of the vegoils complex. Crude tumbled after Saturday's retaliatory strike by Israel against Iran's military bypassed oil and nuclear facilities, not disrupting energy supplies. O/R
* "That's a pretty big move. A lot of outside factors really affected canola," said futures and options broker David Derwin of Ventum Financial in Winnipeg. Crude oil values affect canola because much canola oil is used in biofuel production. When crude oil falls in value, canola oil as a fuel stock becomes less attractive unless its price falls as well.
* In relative terms, Chicago Board of Trade soyoil BOv1 fell more than canola Monday, with the benchmark December contract settling down 1.46 U.S. cents, or 3.3%, at 42.69 cents per pound. Canola is closely tied to values in soyoil, as well as Malaysian palm oil.
* Canola futures had been in a two-week bull market, showing more relative strength than competing vegoils. Monday's drop did not appear to be a reversal of that uptrend, Derwin said. "A $15 drop after that is within normal trading." Canola futures values had risen about $100 per metric ton from mid-September harvest lows.
* The spot November canola futures contract RSX4 is entering liquidation, with first delivery notice day Oct. 31.
Reporting by Julie Ingwersen; Editing by Shailesh Kuber
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