By Glen Hallick
Glacier FarmMedia – There continued to be strong increases in canola futures on the Intercontinental Exchange late Monday morning, in what an analyst called a “canola double whammy.”
Crude oil was sharply higher as the United States and Israel traded blows with Iran. The analyst warned the turmoil in the region will very likely lead to higher fertilizer prices.
Also, Tuesday marked the second day of lower Chinese tariffs on Canadian canola seed and meal. However, as previously announced, China will maintain its 100 per cent levy on Canadian canola oil.
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There were strong increases in Chicago soyoil and Malaysian palm oil, with more modest gains in MATIF rapeseed. Losses in Chicago soybeans and soymeal tempered the upside in canola.
Statistics Canada is set to release its planted acre estimates on Thursday. Analysts and traders have predicted an increase in canola acres for 2026/27 from the 21.62 million seeded last year.
The Canadian dollar was falling back late Monday morning with the loonie at 72.92 U.S. cents compared to Friday’s close of 73.30.
Approximately 51,650 canola contracts were traded as of 10:32 a.m. CST, with prices in Canadian dollars per metric tonne:
Canola May 698.90 up 11.20
Jul 709.40 up 10.90
Nov 701.00 up 9.10
Jan 707.90 up 9.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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