ICE Canada Morning Comment: Canola continuing lower
Plans for talks with China in limbo
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Monday morning, adding to last week’s declines.
Pressure on the oilseed continued to come from China’s 100 per cent tariffs on its imports of Canadian canola meal and oil, along with other products. Prime Minister Mark Carney said on Friday that he wants to start talks with China to resolve the matter. However, that was pushed into limbo with Carney calling a federal election on Sunday.
Losses in the Chicago soy complex, Malaysian palm oil and European rapeseed also held canola to the downside. Slight upticks crude helped to temper the decreases in the vegetable oils.
On Friday, Agriculture and Agri-Food Canada projected canola production for 2025/26 at 18 million tonnes with ending stocks increasing to two million tonnes from the estimated 1.3 million for the current marketing year.
The Canadian dollar was higher on Monday morning, with the loonie at 69.83 U.S. cents, compared to Friday’s close of 69.70.
Approximately 6,500 contracts were traded by 8:45 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 567.10 dn 4.60 Jul 577.70 dn 4.10 Nov 582.20 dn 4.40 Jan 587.80 dn 5.60
