Canola futures posted modest gains for the third straight day on Wednesday.
The advance was largely tied to strength earlier in the week in the broader vegetable oil complex and energy markets. Rising crude oil prices and gains in Chicago soybean oil have recently provided underlying support for canola, as vegetable oils are closely tied to biofuel demand and global energy prices. However, today’s gains were limited as weakness in other oilseed markets weighed on sentiment. Chicago soybean oil was higher again today, but European rapeseed and Malaysian palm oil were both lower. Advances in the Canadian dollar were also negative for canola.
Statistics Canada will release its first new-crop acreage report tomorrow, with most analysts expecting an increase in canola acres compared to 2025.
May canola gained $2.80 to $709.40, and November was $3.50 higher at $710.90.
