ICE Canola Futures Slide Despite Crude Oil Price Surge

Despite rising crude oil prices, canola futures on the Intercontinental Exchange (ICE) were in decline on Wednesday morning. Statistics Canada reported that 2025-26 canola ending stocks as of July 31 stood at 1.9 million tonnes, a 19% increase compared to the same period last year and consistent with the five-year average.

The recent escalation in tensions between the United States and Iran drove up crude oil prices by nearly US$3 per barrel, pushing Brent crude above US$100 per barrel for the first time in weeks. However, this had a limited impact on canola futures, which continued to trade lower.

European rapeseed was higher, but Chicago soyoil and Malaysian palm oil were down. The Canadian dollar remained steady compared to Tuesday's close, with nearly 16,800 contracts traded.