By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed stronger on Friday, as a surge crude oil drove up vegetable oil prices.
That generated sharp increases in the Chicago soy complex, MATIF rapeseed and Malaysian palm oil.
The hikes in crude have also pushed up fertilizer prices. An analyst said that could lead to Prairie farmers switching from planting canola to planting soybeans as a means to reduce input costs.
The May canola contract far exceeded resistance at C$720 per tonne. Also, it was about C$55 per tonne above its 200-day moving average.
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The Canadian Grain Commission reported cumulative canola exports as of March 1 reached 4.47 million tonnes, compared to 6.13 million a year ago. Renewed canola sales to China could result in a significant increase in the Canadian oilseed’s exports during the balance of the 2025/26 marketing year.
The Canadian dollar was stronger on Friday afternoon, with the loonie improving to 73.62 U.S. cents compared to Thursday’s close of 73.12.
There were 95,401 contracts traded on Friday, compared to 87,965 on Thursday. Spreading accounted for 52,088 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 730.80 up 10.90
Jul 740.30 up 10.30
Nov 726.00 up 6.90
Jan 731.70 up 6.50
