ICE Canola Midday: New crop seeing good increases
Spike due to EPA biofuel changes
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were stronger late Monday morning in heavy trading. There were double-digit gains in new crop canola, while old crop July had modest increases.
Support came from spikes in Chicago soyoil and Malaysian palm oil. Chicago soybeans were mostly higher, but soymeal was lower along with European rapeseed. Crude oil was weaker after a series of recent sharp hikes.
An analyst said Friday’s announcement from the United States Environmental Protection Agency regarding increased biofuel limits was “a game changer.”
“If we didn’t have this biofuel announcement, canola would be $30 (per tonne) lower,” the analyst stated.
He added that 2025/26 canola exports to the U.S., especially the oil, could be, “bigger than last year, bigger than ever.”
At mid-session Monday, the Canadian dollar was on the rise with the loonie at 73.75 U.S. cents compared to Friday’s close of 73.54.
Approximately 88,450 canola contracts were traded as of 10:28 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 735.40 up 4.40 Nov 733.70 up 10.50 Jan 742.60 up 12.30 Mar 748.50 up 13.40
