ICE Canola Futures Market Sees Third Consecutive Rally

The Intercontinental Exchange (ICE) canola futures market saw its third consecutive rally on Monday, driven by strong demand for old crop and a surge in comparable oils. The Canadian Grain Commission reported that canola exports for the first week of the 2026-27 crop year reached 231,000 tonnes, up from 92,000 during the last week of 2025-26.

Meanwhile, domestic use dropped to 252,400 tonnes, down from 304,600. The jump in crude oil prices contributed to strong increases in the Chicago soy complex. European rapeseed and Malaysian palm were also affected, with modest and steady price movements respectively.

The November canola contract broke through its major moving averages, trading at over C$34 per tonne above its 20-day average. The Canadian dollar remained unchanged on Monday afternoon, holding at 72.07 U.S. cents.