ICE Midday: Canola taking a Tuesday tumble

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market sustained heavy losses on Tuesday from largely negative sentiment in comparable oils.

Chicago soyoil and European rapeseed were down while crude oil lost more than US$1 per barrel due to concerns over a potential trade war and weakening demand.

An analyst said technical signals on Monday warned of a potential drop in canola prices. Also, there’s speculation Statistics Canada underestimated the country’s canola crop by more than one million tonnes.

StatCan reported on Monday that Canada’s March canola crush was 1.02 million tonnes, up 16 per cent from February and up 6.5 per cent from March 2024. Canada has crushed 7.8 million tonnes of canola so far this marketing year, up 6.2 per cent from one year ago.

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

About 24,800 canola contracts have traded at 10:20 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 680.50     dn 14.30

Jul 683.30     dn 13.10

Nov 645.80     dn 15.10

Jan 654.30     dn 15.30