ICE Canada Morning Comment: Canola still falling back
StatCan issues plantings projections
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures held to their downward trend on Wednesday morning, as tariff issues continued to apply pressure.
Along with China’s 100 per cent levies on canola oil and meal set for March 20, there’s the uncertainty created by the on again, off again duties from the Trump administration.
Pressure on canola also came from declines in the Chicago soy complex and European rapeseed, while there were slight upticks in Malaysian palm oil. Gains in crude oil underpinned the vegetable oils.
Statistics Canada released its 2025/26 plantings estimates, with canola acres to slip to 21.65 million from 22.01 million last year and coming within market expectations.
In yesterday’s United States Department of Agriculture world oilseed report, Canada’s 2024/25 domestic use of canola was lowered by 200,000 tonnes at 12.49 million tonnes and that reduced ending stocks to about 1.91 million.
The Canadian dollar was higher on Wednesday morning, with the loonie at 69.39 U.S. cents compared to Tuesday’s close of 69.20.
Approximately 14,250 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 584.20 dn 6.70 Jul 597.10 dn 6.20 Nov 609.20 dn 2.80 Jan 617.90 dn 3.00