Canola Futures Pull Back from Session Lows Amid Crude Gains

ICE canola futures were in decline on Wednesday but managed to pull back from their session lows. According to an analyst, canola hit resistance when it reached C$840 per tonne and then fell with weaker crude oil prices. However, since crude has turned modestly higher, canola's losses have softened.

The same analyst stated that canola has support at C$810/tonne, but if crude oil prices drop significantly and harvest pressure increases, falling below C$800 per tonne is possible.

Notably, the analyst does not expect crude or harvest pressures to have a major negative impact due to current events in the Middle East. The outlook for canola remains positive with strong demand expected through 2026-27 marketing year.