ICE Closing Review: Acres, comparable pull down canola

Intercontinental Exchange canola futures incurred declines in the new crop contracts on Tuesday but came away from much sharper losses from earlier in the session. Meanwhile, the soon-to-expire July contract posted an increase. Statistics Canada estimated a record amount of canola acres for 2026-27 in its planted area report issued on Tuesday. StatCan pegged canola at 23.44 million acres compared to the 2017 record of 23.01 million. Last year Canadian farmers seeded 21.62 million acres of canola. The United States Department of Agriculture reported a five per cent increase in soybean acres from last year at 85.4 million. StatCan also reported the May crush took in 1.04 million tonnes of canola, compared to nearly 831,200 tonnes the previous May. Canola felt the weight of steep declines in Chicago soyoil, with more modest losses in European rapeseed and Malaysian palm oil. Crude oil was lower, which put pressure on the vegetable oils. With the softening of today’s losses in canola, ...