Winnipeg -- Intercontinental Exchange canola futures closed stronger on Friday, as a surge crude oil drove up vegetable oil prices.
That generated sharp increases in the Chicago soy complex, MATIF rapeseed and Malaysian palm oil.
The hikes in crude have also pushed up fertilizer prices. An analyst said that could lead to Prairie farmers switching from planting canola to planting soybeans as a means to reduce input costs.
The May canola contract far exceeded resistance at C$720 per tonne. Also, it was about C$55 per tonne above its 200-day moving average.
The Canadian Grain Commission reported cumulative canola exports as of March 1 reached 4.47 million tonnes, compared to 6.13 million a year ago. Renewed canola sales to China could result in a significant increase in the Canadian oilseed's exports during the balance of the 2025/26 marketing year.
The Canadian dollar was stronger on Friday afternoon, with the loonie improving to 73.62 U.S. cents compared to Thursday's close of 73.12.
There were 95,401 contracts traded on Friday, compared to 87,965 on Thursday. Spreading accounted for 52,088 contracts traded.
Prices are in Canadian dollars per metric tonne: Price Change Canola May 730.80 up 10.90 Jul 740.30 up 10.30 Nov 726.00 up 6.90 Jan 731.70 up 6.50 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Months Prices Volume May/Jul 9.30 under to 10.20 under 13,394 May/Nov 6.20 over to 1.00 under 938 May/Jan 0.20 under to 4.50 under 56 May/Mar 6.40 under to 7.50 under 2 May/May 6.50 under to 6.70 under 17 Jul/Nov 15.60 over to 10.60 over 9,200 Jul/Jan 8.30 over to 7.30 over 8 Nov/Jan 5.50 under to 6.30 under 1,754 Jan/Mar 4.20 under to 4.60 under 392 Jan/Jul 4.10 under to 4.30 under 106 Mar/May 0.50 under to 0.70 under 17 Mar/Jul 2.00 under 34 May/Jul 1.00 over to 0.70 over 25 Jul/Nov 10.80 over to 9.50 over 101
Source: MarketsFarm (Glen Hallick, news@marketsfarm.com, or 204-782-5944)
(END) Dow Jones Newswires
03-06-26 1518ET
