Market move
ICE canola futures closed higher on Thursday, with November delivery up $7.20 to $839.30 per metric ton, an increase of 0.94% from the prior settlement. The contract continued to trade close to its highs and remained well above most forecasts issued earlier in 2026.
Drivers
Traders attributed the upward pressure to gains in related Chicago soy products and a sharp rise in crude oil. Chicago soyoil posted a 1.91% gain while Chicago soybeans climbed 1.74%, movements that helped underpin canola values. At the same time, Brent crude oil pushed toward the $108-per-barrel level amid an escalation of conflict in the Middle East, with intensifying Houthi-Saudi actions in the Red Sea cited as a factor behind the energy rally.
Regional supply and harvest conditions
Harvesting in Western Canada proceeded slowly. Market reports noted that damp conditions eased somewhat over the week, but many crops remained too wet to be harvested, limiting the pace at which new supply could reach the market.
Related international contracts
Across the Atlantic, Euronext rapeseed futures were also slightly firmer, increasing 0.04% on the session.
Market context and implications
Canola’s move on Thursday reflected a confluence of gains across oilseeds and crude markets. The simultaneous strength in Chicago soyoil and soybeans, together with a significant uptick in Brent crude tied to geopolitical developments, contributed to the upward momentum in ICE canola. At the same time, persistent wet conditions in parts of Western Canada constrained harvest progress, a factor that market participants weighed when assessing supply dynamics.
Conclusion
November canola settled higher after a session marked by supportive moves in related agricultural contracts and a sharp increase in energy prices. The contract remains near its highs and is trading above most earlier forecasts for 2026, while harvest delays in Western Canada continue to be monitored for their potential influence on supply.
Price changes cited in this article: November canola +$7.20 to $839.30 per metric ton (0.94%); Chicago soyoil +1.91%; Chicago soybeans +1.74%; Euronext rapeseed +0.04%; Brent crude near $108 per barrel.