WINNIPEG, Manitoba--Intercontinental Exchange canola futures incurred declines in the new crop contracts on Tuesday but came away from much sharper losses from earlier in the session. Meanwhile, the soon-to-expire July contract posted an increase.

Statistics Canada estimated a record amount of canola acres for 2026-27 in its planted area report issued on Tuesday. StatCan pegged canola at 23.44 million acres compared to the 2017 record of 23.01 million. Last year Canadian farmers seeded 21.62 million acres of canola.

The United States Department of Agriculture reported a five per cent increase in soybean acres from last year at 85.4 million.

StatCan also reported the May crush took in 1.04 million tonnes of canola, compared to nearly 831,200 tonnes the previous May.

Canola felt the weight of steep declines in Chicago soyoil, with more modest losses in European rapeseed and Malaysian palm oil.

Crude oil was lower, which put pressure on the vegetable oils.

With the softening of today's losses in canola, the November contract returned above its 100-day moving average.

The Canadian dollar was relatively steady on Tuesday afternoon, with the loonie at 70.42 U.S. cents, compared to Monday's close of 70.39.

The canola market will be closed on Wednesday for Canada Day.

There were 54,737 canola contracts traded on Tuesday, compared to 43,881 on Monday. Spreading accounted for 17,704 contracts traded.

Prices are in Canadian dollars per metric tonne: Price Change

Price Change Jul 741.20 up 4.80 Nov 735.30 dn 8.60 Jan 743.90 dn 8.80 Mar 750.20 dn 8.80

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

Months Prices Volume Jul/Nov 10.00 over to 9.00 under 311 Jul/Mar 0.90 over to 2.70 under 27 Nov/Jan 8.50 under to 9.00 under 5,175 Nov/Mar 14.30 under to 15.60 under 608 Nov/May 17.70 under to 19,40 under 47 Jan/Mar 5.90 under to 6.70 under 1,735 Jan/May 9.00 under to 10.30 under 156 Jan/Jul 8.90 under to 9.00 under 1 Mar/May 2.70 under to 3.80 under 650 Mar/Jul 1.40 under to 2.60 under 2 May/Jul 1.40 over to 0.80 over 79 Jul/Nov 47.80 over to 39.50 over 61

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