Glacier FarmMedia – Canola futures on the Intercontinental Exchange took another sharp drop on Friday as Thursday’s report from Statistics Canada and weaker vegetable oils weighed on prices.
StatCan projected the 2025-26 canola crop at 19.94 million tonnes, compared to 19.24 million last year and the five-year average of 18.25 million.
An analyst believes there will be upward revisions to canola output in StatCan’s December report. With the absence of Chinese demand, growers are selling on fears there won’t be higher prices next year. The analyst mentioned other market participants are predicting canola prices will drop another C$100 per tonne.
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Canola futures on the Intercontinental Exchange were still reeling on Friday following the release of Statistics Canada’s bearish canola production…
Chicago soyoil, European rapeseed and Malaysian palm oil were in the red. Crude oil was also lower as the trade shifts its focus towards the OPEC+ meeting next week.
There will be no trading on Monday in Canada and the United States due to Labour Day.
High temperatures of around 30 degrees Celsius will occur across the Prairies today. Central Saskatchewan will see rain and thunderstorms to go along with the hot conditions, while Lethbridge will see some showers.
The Canadian dollar was up more than one-tenth of a U.S. cent compared to Thursday’s close.
About 30,000 canola contracts have traded at 10:12 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 625.10 dn 10.60
Jan 637.00 dn 11.20
Mar 648.40 dn 10.90
May 657.30 dn 11.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
