ICE Canada Morning Comment: Canola off to a strong start

By Glen Hallick

Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were stronger on Tuesday morning, gleaning support from increases in Chicago soyoil and MATIF rapeseed.

Losses in Malaysian palm oil as well as Chicago soybeans and soymeal tried to limit the upside in canola. Modest gains in crude oil underpinned the vegetable oils.

While the March canola contract remained above its 20-day moving average it was within a few dollars of its 50-day average.

Canadian Prime Minister Mark Carney is set to begin his five-day visit to China on Tuesday. Carney is to meet with Chinese President Xi Jinping to discuss trade issues, including China’s steep tariffs on its imports of Canadian canola seed, oil and meal.

The United States Department of Agriculture maintained its estimates on 2025/26 Canadian canola production, including its projected carryover of 3.71 million tonnes in Monday’s world oilseed report. That’s 760,000 tonnes more than the current estimate from Agriculture and Agri-Food Canada, which is scheduled to release its monthly supply and demand report next week.  

The Canadian dollar was virtually unchanged Tuesday morning, with the loonie at 72.08 U.S. cents.

Approximately 25,950 contracts had traded by 8:40 CST and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            Mar     633.80     up 13.00

                  May     642.80     up 12.00

                  Jul     649.40     up 11.40

                  Nov     646.60     up 10.60

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