ICE canola correcting lower to start week

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting small losses Monday morning, seeing a modest correction to start the week after trending higher through April.

The most-active July contract settled above the psychological C$700 per tonne mark on Friday but was back below that chart point Monday morning.

A softer tone in the Chicago soy complex accounted for some spillover selling pressure, although European rapeseed and Malaysian palm oil were firmer.

Canadian oilseed processors crushed 1.025 million tonnes of canola in March, marking the second-highest monthly crush on record, reported Statistics Canada. A total of 7.837 million tonnes of canola was crushed through the first eight months of the 2024/25 marketing year, which was up by six per cent on the year.

About 14,000 canola contracts had traded as of 8:42 CDT.

Prices in Canadian dollars per metric ton at 8:42 CDT:

Canola            May   691.80    dn  5.50

Jul   694.70    dn  7.10

Nov   651.80    dn  8.60

Jan   657.30    dn  8.80