ICE canola futures closed sharply higher Friday as strength across global vegetable oils pulled the market toward the upper end of its recent range. November canola surged $19.70 to settle at $823.70 per tonne, while January gained $19.60 to $833.20. Firmer Chicago soyoil, European rapeseed and Malaysian palm oil provided broad support, helping canola overcome pressure from weaker crude oil.
Canadian fundamentals also remained supportive. The Canadian Grain Commission reported weekly canola exports of 118,100 tonnes and domestic use of 267,300 tonnes, while Saskatchewan’s harvest remains only one percent complete. With fieldwork still in its early stages, nearby supply pressure has yet to fully emerge. The November contract is now testing the upper edge of the C$800–C$825 range, making harvest progress and vegetable oil direction key drivers into next week.
