ICE Midday: Canola eases back ahead of Labour Day weekend

Glacier FarmMedia MarketsFarm – The ICE Futures canola market corrected itself on Friday morning after adding large gains on Thursday.

Chicago soyoil and European rapeseed were down, while crude oil erased its Thursday gains as well. However, Malaysian palm oil was higher.

Markets in Canada and the United States will be closed on Monday for the Labour Day holiday.

One trader said Thursday’s canola rally was largely fueled by Chicago soyoil, which also took a step back today. The trader added that the rally provided a bonus selling opportunity for growers and he believes Canada’s canola crop is smaller than Statistics Canada’s 2024-25 estimate of 19.5 million tonnes.

StatCan is scheduled to release its updated principal field crops report on Sept. 16, based on satellite imagery taken at the end of August.

The Canadian dollar was down less than one-tenth of a U.S. cent compared to Thursday’s close.

About 23,700 contracts have traded at 10:11 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 612.10     dn  7.40

Jan 622.50     dn  7.10

Mar 628.80     dn  6.90

May 632.60     dn  6.80