ICE Canola Futures End Week Higher as Vegetable Oils Support
Canola futures on the Intercontinental Exchange (ICE) ended the week on an upward trend, supported by vegetable oils. Chicago soyoil gained 2.5 US cents per pound, while European rapeseed and Malaysian palm oil were higher.
An analyst noted that despite canola's rally, it would be difficult for the November contract to surpass the C$825 per tonne level.
The Canadian Grain Commission reported canola exports for the week ended August 23 at 118,100 tonnes, slightly higher than the previous week. Domestic use was also up, reaching 267,300 tonnes.
Statistics Canada revealed that July's canola crush was a record-breaking 1.322 million tonnes, and in 2025-26, 12.83 million tonnes of canola were crushed for another record, surpassing the previous 11.41 million tonnes.