The Western Producer (21/07/2026) - Intercontinental Exchange canola futures turned lower on Tuesday morning, following the trend with other vegetable oils.

There were losses in Chicago soybeans and soyoil, while soymeal was narrowly mixed in its nearby contracts. There were also declines in Malaysian palm oil and most European rapeseed contracts. However, the decreases in the veg oils were tempered by gains in crude oil.

While profit-making could also be a factor given Monday’s sharp upswing, concerns about hot weather across the Prairies instilled a premium into canola.

Agriculture and Agri-Food Canada issued its July supply and demand report on Monday, raising canola production for 2026-27 to 21 million tonnes from 19.2 million in its June report. The 2026-27 carryover was boosted by 760,000 tonnes to now 2.07 million.

The Canadian dollar stepped back on Tuesday morning with the loonie at 70.98 U.S. cents, compared to Monday’s close of 71.15.

Approximately 18,850 contracts had been traded by 8:45 CDT.

Read more at https://www.producer.com/market-update/ice-canada-morning-comment-canola-pulling-back-15/