02/09/2025 (Market Screener), Manitoba - Canola futures on the Intercontinental Exchange turned around Tuesday morning and were pushing higher, getting support from gains in comparable oils.

Activity resumed after being closed for Labour Day.

A trader wasn't entirely sure as to why the vegetable oils were higher. As for canola, the trader pointed to the slow start to the Prairie canola harvest as one possible reason. He suggested the Canadian oilseed could finish lower by the close.

Spillover was coming from increases in Chicago soyoil, European rapeseed and Malaysian palm oil, while there's pressure on Chicago soybeans and soymeal. Crude oil swung higher, underpinning the veg oils.

Despite the upticks in canola, its November contract lagged behind its moving averages which tempered the increases.

Alberta reported on Friday that its canola harvest was about 0.4 percent complete, while the overall provincial harvest was around eight percent finished.

Australia reported Tuesday that its canola production for 2025/26 is to bump up one percent from a year ago at 6.4 million tonnes, which would be 34 percent above the 10-year average.

The United States Department of Agriculture attach, in Kyiv estimated the 2025/26 Ukrainian rapeseed crop at 3.2 million tonnes, down from 3.7 million last year.

The Canadian dollar fell back by mid-session Tuesday, with the loonie at 72.50 U.S. cents compared to Friday's close of 72.77.

Approximately 35,850 canola contracts were traded as of 11:48 am EDT, with prices in Canadian dollars per metric tonne:

               Price      Change

Nov       632.90     up 6.50

Jan        644.50      up 6.20

Mar       654.90     up 6.00

May       664.80     up 6.10

https://www.marketscreener.com/news/ice-canola-midday-prices-rising-in-turnaround-ce7c50d3d08efe2d