Canola Futures Tumble Amid Trade Uncertainty and Rainy Weather

The Intercontinental Exchange (ICE) canola futures were steady to lower on Monday morning due to sharp declines in comparable oils. The losses in crude oil added more pressure on vegetable oils, while the failure of Canada-United States trade talks on Friday has injected uncertainty into the markets.

Prairie temperatures are forecasted to range from mid-teens Celsius in northern Alberta to mid-to-upper 20s across the rest of the region. Rain is expected for southern Manitoba, as well as parts of Saskatchewan and Alberta.

The November canola contract slipped below its 20-day moving average but continued to hold above other major technical levels. Canola crush margins eased back with the November positions between C$262.80 and C$267.60 per tonne above the futures.