ICE Canola Midday: Prices Turn Around on Lower Comparable Oils
21/04/2025 (Market Screener), Manitoba - Intercontinental Exchange canola futures were lower by late Monday morning, turning around from earlier increases.
An analyst said he's not surprised most of the markets are down Monday, including canola, due to concerns U.S. President Donald Trump could fire Federal Reserve Chair Jerome Powell.
Pressure on canola was coming from declines in the Chicago soy complex and Malaysian palm oil. The markets in Europe are closed for a holiday. Losses in crude oil weighed on the vegetable oils.
Canola exports are 120,000 tonnes short of the Agriculture and Agri-Food Canada target of 7.50 million tonnes with only 16 weeks remaining in the 2024/25 marketing year.
The Canadian dollar was higher by mid-session Monday as its U.S. counterpart continued to retreat. The loonie rose to 72.40 U.S. cents, compared with Thursday's close of 72.17.
About 33,050 canola contracts were traded as of 11:23 a.m. ET, with prices in Canadian dollars per metric tonne:
|
|
Price |
Change |
|
May |
658.40 |
dn 9.50 |
|
Jul |
665.50 |
dn 10.20 |
|
Nov |
646.70 |
dn 3.80 |
|
Jan |
653.80 |
dn 4.00 |