ICE Canola Midday: Nudging upward in light trading
Potential for rain on the weekend
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were slightly higher late Thursday morning, in light activity as the United States grain markets are closed for the Juneteenth holiday.
Tight old crop supplies and lingering uncertainty over the new crop continued to underpin canola values. However, potential rain for the Prairies this weekend could bring some relief from dry conditions.
A clearer picture of this year’s canola crop will come June 27, as Statistics Canada issues its next crop area report. In March, StatCan projected 21.6 million acres of canola to be planted in 2025/26, down 1.7 per cent from the year before.
Canola still gleaned support from increases in European rapeseed and Malaysian palm oil. Higher crude oil prices spilled into the vegetable oils.
Reuters said China is set to acquire up 500,000 tonnes of canola meal from India in 2025/26, compared to less than 61,000 in 2024/25. That stems from China’s 100 per cent tariffs on Canadian canola meal and oil.
At mid-session Thursday, the Canadian dollar was weaker as the loonie dropped to 72.79 U.S. cents compared to Wednesday’s close of 73.14.
Approximately 14,250 canola contracts were traded as of 10:16 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 740.20 up 1.70 Nov 739.30 up 2.90 Jan 747.60 up 2.30 Mar 753.20 up 1.60
