By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed stronger on Monday, largely due to ongoing military strikes traded by the United States and Israel versus Iran pushing up crude oil prices.
Also, Tuesday marked the first trading day for reduced Chinese tariffs on their imports of Canadian canola seed and meal. However, China said it will maintain its 100 per cent levy on Canadian canola oil.
Sharp increases in Chicago soyoil and Malaysian palm oil, plus moderate upswings in MATIF rapeseed, further underpinned canola.
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The May canola contract remained significantly above its 200-day moving average. For a short time during trading, the May contract peaked above its resistance level of C$700 per tonne.
On Thursday, Statistics Canada will release its estimates on planted aera for 2026/27. Market expectations are for more canola to be seeded this spring than last year’s 21.62 million acres.
The Canadian dollar stepped back on Monday afternoon, with the loonie at 73.13 U.S. cents compared to Friday’s close of 73.30.
There were 75,929 contracts traded on Monday, compared to 56,485 on Friday. Spreading accounted for 46,534 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 698,40 up 10.70
Jul 709.10 up 10.60
Nov 701.70 up 9.80
Jan 708.50 up 9.60
