ICE Canola Slightly Higher on Direction From Crude Oil, Soy

WINNIPEG, Manitoba--ICE Futures canola contracts were holding onto small gains, taking some direction from advances in crude oil and the Chicago soy complex.

European rapeseed and Malaysian palm oil were also higher Monday as world markets kept an eye on shifting news on the Strait of Hormuz.

The markets are "just waiting for the next shoe to drop in the Middle East," said an analyst on the relatively sideways trade.

Large old-crop supplies remained a bearish influence, although crush margins remain historically wide as much of the attention in the markets shifts to new-crop production prospects.

The U.S. Agriculture Department's Foreign Ag Service forecast Canadian canola production in 2026 at 20.1 million metric tons, which compares with 21.8 million tons the previous year. The USDA expected an increase in planted area would be offset by a return to average yields.

An estimated 27,600 canola contracts traded.

Prices in Canadian dollars per metric ton:

Contracts Prices Change

   May         729.90   up 1.20 
   Jul            742.90  up 0.70 
   Nov          739.10  up 1.30 
   Jan            745.40  up 1.40 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

04-27-26 1232ET