WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued lower, abetted by a larger-than-expected canola crop and declines in comparable oils.
Last week, Statistics Canada pegged the canola harvest at a record 21.80 million metric tons, just as the market copes with little to no exports to China.
"The canola carryout is going to be crazy," an analyst said Monday, warning that StatCan could raise its production estimate come summer.
The nearby canola contracts could sink to lows not seen since China imposed their tariffs on the oilseed earlier this year, a trader said.
The Chicago soy complex and Malaysian palm oil were down, while MATIF rapeseed tacked on small gains. Weakness in crude oil weighed on the vegetable oils.
On Tuesday, the U.S. Agriculture Department is scheduled to release its next supply and demand report, including its world oilseed report.
The Canadian dollar was slightly higher at 72.25 U.S. cents, compared to Friday's close of 72.15.
Approximately 43,850 canola contracts traded as of 11:31 a.m. EST.
Prices are in Canadian dollars per metric ton:
Contract Price Change
Jan 611.00 dn 6.90 Mar 624.10 dn 7.00 May 637.00 dn 6.80 Jul 645.90 dn 6.50
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
12-08-25 1212ET
