Intercontinental Exchange (ICE) canola futures edged lower on Monday morning, tracking broad weakness across the global vegetable oil markets.
Prices for Chicago soybeans, MATIF rapeseed, and Malaysian palm oil also posted modest declines. However, a slight rise in crude oil helped limit deeper losses for the canola market.
Market Awaits StatCan Production Report
Traders are turning their attention to Thursday’s Statistics Canada production report, which is expected to show a significantly larger canola crop than previously estimated. Market forecasts suggest production will exceed the 20.03 million tons reported by StatCan in September.
Technical Signals Mixed
The January canola contract remained above its 20-day and 50-day moving averages, indicating underlying support. However, it continued to move further below its 100-day moving average, signaling possible near-term weakness.
Currency Movement
The Canadian dollar was slightly stronger on Monday morning, rising to 71.61 U.S. cents, compared with 71.54 at Friday’s close.
Early Trading Volume and Prices
By 9:36 a.m. EST, approximately 12,850 contracts had been traded. ICE canola futures (in Canadian dollars per metric ton) were:
| Contract | Price (CAD/ton) | Change |
|---|---|---|
| January | 647.10 | down 3.60 |
| March | 660.30 | down 3.70 |
| May | 670.10 | down 4.30 |
| July | 675.60 | down 3.90 |