Canola Futures Plunge Below Major Averages Amid Crude Oil Price Gains
ICE canola futures took a sharp turn downward on Monday morning, slipping below their major averages. The slump came despite gains in crude oil prices after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz over the weekend.
The price jump in crude oil was largely due to Trump's expectation that US negotiators will return to the bargaining table this week.
Other agricultural commodities were mixed, with Chicago soyoil remaining steady and European rapeseed falling lower. Malaysian palm oil prices were also mixed on Monday morning.
Agriculture and Agri-Food Canada raised its estimate of canola ending stocks for 2026-27 to 1.979 million tonnes, up from the previous month's estimate. However, projected Canadian canola exports for 2026-27 were lowered to 7.700 million tonnes, down from August's estimate.
Alberta's canola harvest was 14.9% complete as of September 22, according to its latest crop report released on September 25. The Canadian dollar was also lower compared to Friday's close, trading at a one-tenth-of-a-cent disadvantage in US dollars.