Canola Futures Edge Higher Amid Mixed Market Sentiment
Canola futures on the Intercontinental Exchange (ICE) posted modest gains on Tuesday, defying a stronger Canadian dollar and mixed market sentiment in related oil markets. Crude oil prices stabilized after earlier losses, with the U.S. Energy Information Administration raising its 2026 and 2027 forecasts to US$98 and US$84 per barrel, respectively. Meanwhile, the U.S. President Donald Trump signed an executive order expanding access to tax-exempt diesel nationwide.
Among comparable oils, Chicago soyoil climbed while Malaysian palm oil declined. European rapeseed contracts for November dropped, but deferred contracts saw an increase. The Canadian dollar strengthened by two-tenths of a U.S. cent compared to Monday’s close.
Trading volume for canola contracts decreased to 76,249 on Tuesday from 86,244 on Monday, with spreads accounting for 49,288 contracts. Settlement prices for various canola futures ranged from 825.80 C$/tonne for November to 851.50 C$/tonne for May contracts.
Other key commodity prices included MGEX Spring Wheat at 719.75 C$/tonne, KC Hard Red Wheat at 756.25 C$/tonne, and Chicago Soft Wheat at 704.25 C$/tonne. CBOT Corn settled at 508.00 C$/tonne, while CBOT Oats closed at 430.75 C$/tonne. CBOT Soybeans saw gains, with November contracts at 1303.00 C$/tonne and January contracts at 1319.25 C$/tonne.