By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were stronger late Thursday morning, riding the spillover from sharp gains in crude oil.
Crude continued its rally as the Middle East war carried on. That saw increases in MATIF rapeseed and Malaysian palm oil.
“The market is starting to understand how (the war) will have an impact on fertilizer, crude and diesel,” an analyst said.
There is to be a little bit more canola planted in Canada, according to Statistics Canada with the release of its planted area report. Canola acres for 2026/27 were pegged at 21.89 million compared to 21.62 million last year.
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However, the farmer surveys for the report were completed before the Canada-China tariff deal. A more accurate bead on what does go into the ground will come with further StatCan updates.
As the May canola contract pushed toward resistance at C$720 per tonne, it was becoming overbought.
The Canadian dollar was lower by late Thursday morning with the loonie at 72.95 U.S. cents, compared to Wednesday’s close of 73.19.
Approximately 49,650 canola contracts were traded as of 10:28 a.m. CST, with prices in Canadian dollars per metric tonne:
Canola May 720.20 up 10.80
Jul 729.90 up 10.00
Nov 719.60 up 8.70
Jan 725.70 up 8.30
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