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.
