WINNIPEG, Manitoba--Intercontinental Exchange canola futures were weaker in the new crop contracts at mid-session Tuesday, following the Statistics Canada report on planted area.
The soon-to-expire July contract was posting gains.
StatCan estimated a record amount of canola was seeded, with 23.44 million acres sown. That surpassed the previous record of 23.01 million acres set in 2017 and was at the top end of trade expectations.
The U.S. Department of Agriculture is set to issue its planted area report later this afternoon. Any major changes to the USDA's data will set the tone to the grain and oilseed futures, with the spillover affecting canola.
Canola was also feeling the weight of sharp losses in Chicago soyoil. There were more moderate declines in soybeans and soymeal, as well as European rapeseed and Malaysian palm oil.
Meanwhile, crude oil was steady to lower, putting some downward pressure on the vegetable oils.
StatCan also released its crush report, showing 1.04 million metric tons of canola were processed in May. That's up nearly 25% from the previous May.
The Prairie weather outlook hasn't changed, with the forecast calling for more moderate temperatures and rain over the coming days.
With Tuesday's losses so far, the November canola contract slipped below its 100-day moving average.
The Canadian dollar bumped up by late Tuesday morning, with the loonie at 70.43 U.S. cents compared with Monday's close of 70.39.
The canola market will be closed Wednesday for Canada Day.
Approximately 29,400 canola contracts were traded as of 11:36 a.m. EDT, with prices in Canadian dollars per metric ton:
Price Change Jul 742.50 up 6.10 Nov 730.30 dn 13.60 Jan 739.10 dn 13.60 Mar 744.80 dn 14.20Source: Commodity News Service Canada, news@marketsfarm.com