Winnipeg — Intercontinental Exchange canola futures surged on Tuesday, as crude oil prices spiked following more United States attacks on Iran.
That move pushed the Chicago soy complex higher, with spillover going into canola. Additional support came from gains in European rapeseed and Malaysian palm oil.
An analyst said there continued to be uncertainty over the Prairie canola harvest. Anecdotal evidence suggested crop conditions are varied across the region.
This week will see more progress in the canola harvest after a very small amount was reported last week. The provincial crop reports could provide the first hard look at canola yields.
Tuesday’s increases pushed the November canola contract further above its major moving averages.
The Canadian dollar stepped back on Tuesday afternoon, with the loonie at 71.95 U.S. cents, compared to Monday’s close of 72.12.
There were 80,659 canola contracts traded on Tuesday, compared to 57,306 on Monday. Spreading accounted for 37,768 contracts traded.
Price Change Canola Nov 841.90 up 28.70 Jan 852.30 up 29.00 Mar 860.10 up 28.50 May 865.30 up 28.50 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Months Prices Volume Nov/Jan 8.80 under to 10.40 under 11,600 Nov/Mar 16.10 under to 18.40 under 809 Nov/May 20.90 under to 23.50 under 31 Jan/Mar 6.80 under to 8.40 under 5,134 Jan/May 12.20 under to 13.20 under 30 Jan/Jul 11.20 under to 13.40 under 96 Mar/May 4.50 under to 5.50 under 833 May/Jul 0.60 over to 0.80 under 186 May/Jan 61.90 over to 61.10 over 3 July/Nov 69.70 over to 61.60 over 136 Nov/Jan 3.20 under to 5.00 under 26
Source: Glacier FarmMedia (Glen Hallick, news@marketsfarm.com, or 204-782-5944)
(END) Dow Jones Newswires
September 01, 2026 15:19 ET (19:19 GMT)
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