ICE Midday: Canola mixed, pressured by crude oil

Glacier FarmMedia – Canola futures on the Intercontinental Exchange were seeing choppy trade on Wednesday after earlier losses amidst pressure from comparable oils.

Benchmark crude oil prices were down US$2 per barrel after OPEC+ said supply will match demand in 2026. Also, United States sanctions on Russian oil have caused the latter to be priced at a US$20 per barrel discount compared to Brent crude. The U.S. government shutdown is set to end this week pending approval from the Republican-controlled House of Representatives.

Chicago soyoil, European rapeseed and Malaysian palm oil were all lower.

While January canola is above its 20- and 50-day averages, an analyst said the oilseed tends to drop once it hits a resistance level, C$650 per tonne in this case. He added that there is “not a lot of encouragement” in Chicago soyoil.

About 34,200 canola contracts have traded at 10:16 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Jan 646.70     up  1.20

Mar 658.00     up  1.20

May 666.80     up  0.30

Jul 672.70     dn  0.60

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/