ICE Review: Canola Rises on Soy Price Spillover From USDA Report

Detailed summary

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange improved as sharp increases in soybean prices spilled over into the Canadian oilseed. The U.S. Agriculture…

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange improved as sharp increases in soybean prices spilled over into the Canadian oilseed.

The U.S. Agriculture Department released its monthly supply/demand estimates earlier Tuesday, which projected 2026-27 soybean ending stocks at 300 million bushels, well below the average pre-report estimate of 337 million.

Chicago soyoil not only turned positive after the report's release, it closed much stronger. European rapeseed swung upward and Malaysian palm oil was mostly higher.

Losses in crude-oil prices were softer after larger declines earlier in the session. Potential upcoming negotiations between the U.S. and Iran continued to weigh on crude values. Also, representatives from the U.S., Russia and Ukraine met in Abu Dhabi on Monday for peace talks to end the Russia-Ukraine war.

ICE canola futures trading will be closed on Wednesday for Remembrance Day. The U.S. markets will be open.

The Canadian dollar was down nearly one-third of a U.S. cent compared to Monday's close.

There were 70,629 canola contracts traded on Tuesday, compared to Monday when 67,711 contracts changed hands. Spreads accounted for 36,100 contracts.

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