WINNIPEG, Manitoba--Intercontinental Exchange canola futures gave up most of their gains on Monday, as the new crop contracts incurred small losses. The old crop July contract was higher.

Despite increases in crude oil on Monday, there was pressure from sharp declines in the Chicago soy complex. European rapeseed eased back and Malaysian palm oil was relatively steady.

Statistics Canada is set to issue its planted area report on Tuesday, with trade expectations between 22.1 million and 22.8 million acres for 2026-27. Last year, Canadian farmers seeded 21.6 million acres of canola. The five-year average is almost 21.9 million acres and the record is slightly more than 23 million.

Moderate summer temperatures and bouts of rain are forecast to dominate the Prairie weather this week.

The November canola contract remained below its 20- and 50-day moving averages and above its other technical levels.

The Canadian dollar is lower Monday afternoon, with the loonie at 70.41 U.S. cents, compared to Friday's close of 70.49.

There were 43,881 canola contracts traded on Monday, compared to 52,395 on Friday. Spreading accounted for 19,076 contracts traded.

With the final settlement still pending, prices are in Canadian dollars per metric tonne: Price Change

Price Change Jul 736.40 up 2.30 Nov 743.90 dn 0.60 Jan 752.70 dn 0.70 Mar 759.00 dn 0.60

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

Months Prices Volume Jul/Nov 2.60 under to 13.30 under 4,267 Jul/Mar 25.20 under to 29.10 under 14 Nov/Jan 8.60 under to 9.10 under 3,789 Nov/Mar 14.50 under to 15.50 under 210 Nov/May 17.40 under to 18.20 under 61 Jan/Mar 5.70 under to 6.50 under 827 Jan/May 8.60 under to 9.20 under 8 Jan/Jul 7.50 under 10 Mar/May 2.70 under to 3.20 under 291 Mar/Jul 0.50 under 1 May/Nov 43.10 over 1 Jul/Nov 50.20 over to 44.30 over 53 Nov/Jan 0.50 under to 1.00 under 3 Jan/Mar 2.90 over 3

Source: Commodity News Service Canada, news@marketsfarm.com