By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was sharply lower at midday Monday, falling below chart support as heavy selling pressure came forward to start the month.
Losses in Chicago soybeans and soyoil accounted for some spillover weakness in the Canadian oilseed. European rapeseed futures were also lower, while the Malaysian palm oil market was closed for a holiday.
Relatively favourable Prairie weather conditions contributed to the declines, although seeding delays due to the moisture in some areas remained supportive.
Australia’s agriculture department, ABARES, pegged the country’s 2024/25 canola crop at 5.4 million tonnes, which would be down from an earlier estimate of 6.1 million and slightly below the year-ago level of 5.7 million tonnes but still 21 per cent above the 10-year average.
An estimated 23,600 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Jul 639.70 dn 21.30
Nov 663.30 dn 19.90
Jan 672.30 dn 17.90
Mar 680.70 dn 15.90
