By Glen Hallick
Glacier FarmMedia | MarketsFarm – Declines in canola futures on the Intercontinental Exchange expanded late Monday morning, as the lack of support from other vegetable oils weighed on values.
The Chicago soy complex was steady to lower and European rapeseed was down. The Malaysian palm oil market was closed for a holiday. Gains in crude oil tempered the losses in the veg oils.
An analyst said, “something seems out of sync,” with canola ending stocks and they could be larger than the 1.60 million tonnes Statistics Canada reported last week.
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Canola exports are off to a slow start. The Canadian Grain Commission reported cumulative exports of 529,500 tonnes through five weeks, compared to nearly 1.14 million a year ago.
“Without China, we’re definitely fading behind really fast,” the analyst said.
In the United States Department of Agriculture world oilseed report issued on Friday, it raised its call on 2025/26 Canadian canola production to 20 million tonnes and increased ending stocks to 2.95 million tonnes.
StatCan will release its updated production report on Wednesday. Last month, the agency pegged canola output at 19.94 million tonnes.
The Canadian dollar found traction by mid-session Monday, with the loonie climbing to 72.44 U.S. cents compared to Friday’s close of 72.21.
Approximately 23,100 canola contracts were traded as of 10:47 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 632.70 dn 7.00
Jan 645.20 dn 7.00
Mar 657.50 dn 6.20
May 669.10 dn 4.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
