Canola bounced sharply higher on Monday, boosted in part by strength in crude oil.
As can be seen on the March futures chart below, canola was moved mainly lower throughout December – hitting the lowest since spring - before today’s rebound sent prices back above the $600/tonne benchmark.
Oil gained today on continued geopolitical risks in Venezuela and Ukraine-Russia, with the European rapeseed and palm oil also closing higher. The Chicago soy complex closed in the green as well, offering further support to canola.
March canola was up $19.10 at $613.10, and November 2026 gained $15 to $633.30.
