By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed higher on Wednesday, after a bout of choppy trading.
Canola increased as Chicago soyoil found traction later in today’s session. However, declines in MATIF rapeseed and Malaysian palm oil capped the upside in the Canadian oilseed. Crude oil was trading steady to lower, after being weaker earlier.
A broker said the Trump administration’s forthcoming decision on the United States biodiesel mandate will benefit Canadian canola, be it for fuel production or for the food sector.
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Renewed expectations for export sales to China also underpinned canola, but concerns over large ending stocks hovered in the background.
Statistics Canada is set to publish its planted acre projections for 2026/27 on Thursday. It’s widely expected that StatCan will increase its initial outlook on canola acres from last year’s 21.62 million.
The May canola contract held above C$700 per tonne for a second day, as the trade looked to C$720 as the next resistance level.
The Canadian dollar was higher on Wednesday afternoon, with the loonie at 73.25 U.S. cents compared to Tuesday’s close of 73.08.
There were 57,494 contracts traded on Wednesday, compared to 75,116 on Tuesday. Spreading accounted for 28,684 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 709.40 up 2.80
Jul 719.90 up 2.70
Nov 710.90 up 3.50
Jan 717.40 up 3.50
