Canola Futures Fall $7.90 on Crude Slump

ICE canola futures fell Wednesday; July contract dropped $7.90 to $749.80 per metric ton and November $4.70 to $758.90 per metric ton.
Brent crude fell sharply, down about 5.9%, as Middle East tensions eased and supertankers cleared the Gulf and Strait of Hormuz.
The crude oil drop pulled down vegetable oils, with Euronext rapeseed futures down 0.33%, Chicago soy oil down 1.03% and soybeans down 0.81%.
Canola and other vegetable oils often track crude oil prices because they serve as biofuel feedstock, amplifying price correlations.