New-crop canola retreated below the $800/tonne mark on Thursday as losses in crude oil spilled over to weigh on the market.
Crude oil prices settled sharply lower today amid hopes that the announced ceasefire between Israel and Lebanon could lead to a U.S.-Iran peace plan that allows the reopening of the Strait of Hormuz. The declines in crude also helped to pull European rapeseed and palm oil lower.
A day earlier, gains in the volatile crude oil market helped to power November canola more than $20/tonne higher to settle at $802.
July canola fell $14 to $784, and November dropped $14.40 to $787.60.
