ICE Canada Morning Comment: Positive movement in canola
Gains inlight of tariffs
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher Thursday morning on what could be bargain hunting. Tariffs to be levied by China and the United States pushed canola down hard this week.
Despite the forthcoming levies, Canadian canola supplies continue to be tight which underpinned values.
The Canadian oilseed also gleaned support from increases in the Chicago soy complex, European rapeseed and Malaysian palm oil. Moderate declines in crude oil tempered the gains in the vegetable oils.
Yesterday, Statistics Canada projected plantings of the 2025/26 canola crop at 21.65 million acres, down 1.7 per cent from last year.
The Canadian dollar was unchanged on Thursday morning, with the loonie at 69.49 U.S. cents.
Approximately 9,600 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 577.90 up 4.50 Jul 590.80 up 4.20 Nov 602.70 up 3.60 Jan 611.10 up 3.30