ICE Review : Canola in Positive Territory, Crude Oil Drops

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange continued to rise on Tuesday on the strength of vegetable oils.

Crude oil prices declined late in trading after an unconfirmed media report said Iranian President Masoud Pezeshkian was open to ending the Middle East war provided there are guarantees. Crude oil lost between US$1 to US$3 per barrel by the afternoon.

Chicago soyoil, European rapeseed and Malaysian palm oil were higher.

An analyst said that canola is leaning bullish, according to the technicals for Chicago soyoil. Another analyst said he's monitoring any demand disruption for vegetable oils, especially for the Asian markets. He said there's the potential for a lack of diesel along with the possibility of fuel becoming too expensive.

Statistics Canada reported canola deliveries for February 2026 at 2.021 million tonnes, compared to 1.615 million one year earlier.

StatCan also reported that 951,353 tonnes of canola were crushed last month , up from 882,610 tonnes in February 2025.

At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Monday's close.

There were 62,917 canola contracts traded on Tuesday, compared to Monday when 65,983 contracts changed hands. Spreads accounted for 42,406 contracts in today's trade.

Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
May       731.80     up 4.10 
Jul       744.50     up 4.00 
Nov       736.60     up 2.80 
Jan       742.20     up 2.10 

Spread trade prices are in Canadian dollars:

 
Months    Prices                            Volume 
May/Jul   12.40 under to 13.30 under        11,670 
May/Nov   4.70 under to 7.60 under             893 
May/Jan   10.40 under to 11.10 under             1 
Jul/Nov   8.20 over to 5.40 over             5,602 
Jul/Jan   2.50 over to 1.50 over                23 
Jul/Mar   2.00 under to 2.30 under               2 
Jul/Jul   2.40 under to 4.30 under             101 
Nov/Jan   5.10 under to 6.20 under           2,116 
Jan/Mar   3.90 under to 4.60 under             419 
Mar/May   0.40 under to 1.50 under             177 
Mar/Jul   0.50 under to 2.10 under              23 
May/Jul   0.50 over to 0.70 under              146 
Jul/Nov   39.70 over to 37.00 over              30 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

03-31-26 1516ET