By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures were stronger on Thursday, as hikes in crude oil pulled the vegetable oil markets higher.
As the ongoing conflict in the Middle East propelled the surge in crude oil, there were gains in Chicago soybeans and soyoil, plus MATIF rapeseed and Malaysian palm oil. Meanwhile, Chicago soymeal eased back.
An analyst said the market is beginning to better understand the effect the war is going to have on the commodities.
The May canola contract closed just short of resistance at C$720 per tonne.
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Statistics Canada released its planted area projections, calling for a one per cent increase in canola acres at 21.84 million in 2026/27. Soybeans are to rise 2.9 per cent at 5.89 million acres. However, the farmer surveys for the report were submitted before the Canada-China tariff deal.
The Canadian dollar was lower on Thursday afternoon, with the loonie at 73.03 U.S. cents compared to Wednesday’s close of 73.19.
There were 87,965 contracts traded on Thursday, compared to 57,494 on Wednesday. Spreading accounted for 46,618 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 719.90 up 10.50
Jul 730.00 up 10.10
Nov 719.10 up 8.20
Jan 725.20 up 7.80
