WINNIPEG – The ICE Futures canola market took a tumble on Tuesday, following widespread weakness on other markets and erasing Monday’s gains.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red on Tuesday. Crude oil was also in decline at midday.
One analyst said that prices after weather-driven rallies, like the one on Monday, tend to sharply correct themselves at this time of year.
“We still have a lot of weather ahead of us. Rain is falling in certain spots,” the analyst said. “(Prices are) also 15 per cent higher than where they were three weeks ago. It’s worthwhile for a farmer to be looking at what they should be doing.”
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The Canadian dollar was down more than one-tenth of a United States cent compared to Monday’s close. Statistics Canada reported earlier today that the country’s inflation rate dropped to 3.4 per cent in May, its lowest level since June 2021. The central data agency will also release its latest principal field crop acreage estimates on Wednesday.
The U.S. Department of Agriculture will release its acreage and quarterly grain stocks reports on Friday.
Nearly 20,300 canola contracts were traded as of 10:27 CDT.
Price Change
Jul 735.60 dn 13.00
Nov 708.80 dn 12.80
Jan 713.60 dn 12.70
Mar 717.50 dn 10.80
