Canola futures on the Intercontinental Exchange were posting small gains on Monday morning, turning around from slight overnight losses.
There was mixed support from comparable oils with gains in Chicago soyoil, while MATIF rapeseed eased back and Malaysian palm oil was mostly higher. Losses in Chicago soybeans and soymeal added pressure on canola. Upticks in crude oil underpinned the vegetable oils.
There was some volatility in the world oilseed market on Friday as the Supreme Court of the United States ruled President Donald Trump exceeded his authority in imposing many of his tariffs. Over the weekend, Trump said he will slap a new 15 per cent levy on many imports under different legislation.
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The May canola contract held above its major moving averages, which bolstered prices.
Canola crush margins stepped back, with the March position down more than C$8 at about C$247 per tonne above the futures.
The Canadian dollar nudged up on Monday morning, with the loonie rising to 73.15 U.S. cents compared to Friday’s close of 73.05.
Approximately 16,700 contracts had traded by 8:43 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 676.20 up 1.60
May 688.20 up 1.50
Jul 698.70 up 1.60
Nov 690.50 up 2.90
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