ICE Canada Morning Comment: Canola climbing higher

By Glen Hallick

Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were on the rise Friday morning, stepping away from Thursday’s declines.

Gains in Malaysian palm oil, MATIF rapeseed, as well as Chicago soybeans and soyoil were lending support to canola. There were slight declines in Chicago soymeal. Crude oil was virtually unchanged, offering little direction to the vegetable oils.

However, the January canola contract remained behind its moving averages, putting pressure on the oilseed.

Thursday’s production estimates from Statistics Canada pegged 2025/26 canola production at a record 21.80 million tonnes. The issue now is exports as China isn’t buying Canadian canola.

The Canadian Grain Commission reported canola exports for the week ended Nov. 30 of 159,000 tonnes, jumping nearly 63 per cent from the previous week. However, cumulative exports of about 2.09 million tonnes were more than 46 per cent less than a year ago.

The Canadian dollar was stronger on Friday morning, with the loonie improving to 71.99 U.S. cents, compared to Thursday’s close of 71.67.

Approximately 16,600 contracts had traded by 8:39 CST and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            Jan     628.60     up  3.60

                  Mar     642.40     up  3.20

                  May     655.20     up  3.20

                  Jul     663.70     up  3.50

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