ICE Canola Falls on Profit-Taking and Harvest Buoys Amid Pakistan's Return

The Intercontinental Exchange (ICE) canola futures were weaker at mid-session on Monday, falling back by double digits. According to an analyst, 'canola is subject to profit-taking and the impending harvest,' noting that speculative funds still hold a very large long position in the Canadian oilseed.

Alberta reported on Friday that nearly one percent of the canola harvest was complete in its south region. Pressure on canola came from declines in the Chicago soy complex, European rapeseed, and the Malaysian palm oil market, which was closed for a holiday due to its schedule.

The November canola contract managed to hold above its major moving averages despite today's losses. Pakistan has resumed buying Canadian canola after a three-year hiatus, importing almost 506,700 tonnes so far in 2026.