Glacier FarmMedia – Canola futures on the Intercontinental Exchange were seeing choppy trade on Wednesday after earlier losses amidst pressure from comparable oils.
Benchmark crude oil prices were down US$2 per barrel after OPEC+ said supply will match demand in 2026. Also, United States sanctions on Russian oil have caused the latter to be priced at a US$20 per barrel discount compared to Brent crude. The U.S. government shutdown is set to end this week pending approval from the Republican-controlled House of Representatives.
Chicago soyoil, European rapeseed and Malaysian palm oil were all lower.
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While January canola is above its 20- and 50-day averages, an analyst said the oilseed tends to drop once it hits a resistance level, C$650 per tonne in this case. He added that there is “not a lot of encouragement” in Chicago soyoil.
About 34,200 canola contracts have traded at 10:16 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 646.70 up 1.20
Mar 658.00 up 1.20
May 666.80 up 0.30
Jul 672.70 dn 0.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
