Glacier FarmMedia – Canola futures on the Intercontinental Exchange were boosted by vegetable oils in the middle of Wednesday trading, which allowed the March contract to surpass the C$650 per tonne level.
Chicago soyoil continued its rally, which was aided by United States President Donald Trump’s announcement that China has agreed to purchased 20 million tonnes of soybeans this marketing year and 25 million in 2026-27. Soybean prices added more than 30 cents per bushel after the announcement.
Meanwhile, European rapeseed and Malaysian palm oil were also up. Crude oil showed little movement despite attempted Iranian attacks on U.S. vessels.
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An analyst said Chicago soyoil was also supported by the U.S. Treasury Department releasing long-awaited guidance for the 45Z Clean Fuel Production Tax Credit on Tuesday. Soyoil’s strong gains then spilled over into canola. Another analyst said March canola’s next target would be the C$670/tonne mark, just above the 200-day moving average.
The Canadian dollar was down more than one-tenth of a U.S. cent compared to Tuesday’s close.
About 57,300 canola contracts have traded at 10:25 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 657.70 up 8.40
May 668.50 up 7.70
Jul 676.60 up 7.10
Nov 667.60 up 5.80
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