WINNIPEG, Manitoba--Intercontinental Exchange canola futures swung higher at mid-session Monday, despite pressure from significant declines in the Chicago soy complex.
As more uncertainty set into the Middle East situation, crude oil posted strong increases.
"It's 'Groundhog Day,'" an analyst said in referencing the 1993 Bill Murray movie.
"Canola is getting a little bit of a boost out of it," the analyst said.
Statistics Canada is scheduled to release its planted area report on Tuesday. Canola acres for 2026-27 are widely expected to exceed StatCan's March estimate of 21.8 million acres and could challenge the 2017 record of just over 23 million.
Alberta reported on Friday that its crops provincewide rated 69 percent good to excellent. With recent heavy rains, flooding was affecting some parts of the province.
The Prairies have been forecast to get moderate temperatures for the early part of the week, with rain focused over the eastern half of the region.
Canola crush margins were largely firm, with the November positions holding at C$309 to C$315 per tonne above the futures.
The Canadian dollar stepped back late Monday morning, with the loonie at 70.38 U.S. cents compared to Friday's close of 70.49.
Approximately 26,450 canola contracts were traded as of 11:37 a.m. EDT, with prices in Canadian dollars per metric tonne:
Price Change Jul 743.00 up 8.90 Nov 749.30 up 4.80 Jan 758.30 up 4.90 Mar 764.50 up 4.90Source: Commodity News Service Canada, news@marketsfarm.com