ICE Canola Settles Lower on Thursday

Prices retreat from recent highs amid resistance and spillover selling pressure from Chicago soyoil

Jan. 29, 2026 at 3:55pm

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The ICE Futures canola market was weaker on Thursday, with the March contract backing away from fresh seven-week highs reached in overnight trading. Canola settled below C$650 per tonne, which was seen as bearish from a technical standpoint. Spillover selling pressure from a retreat in Chicago soyoil, as well as the strength of the Canadian dollar, which cuts into crush margins and makes exports less attractive, contributed to the downward pressure on canola prices.

Why it matters

Canola is a major agricultural commodity in Canada, and its price movements can have significant impacts on the country's agricultural sector, as well as on global vegetable oil and oilseed markets. The ICE Futures canola market is an important benchmark for pricing and trading of the commodity.

The details

The March canola contract touched fresh seven-week highs in overnight trading but was unable to hold onto those gains, settling below the key C$650 per tonne level. Analysts noted that the settlement below this level was bearish from a technical standpoint. Spillover selling pressure from a retreat in Chicago soyoil, as well as the strength of the Canadian dollar, which cuts into crush margins and makes exports less attractive, contributed to the downward pressure on canola prices.

  • The March canola contract reached fresh seven-week highs in overnight trading on Thursday.
  • Canola settled below C$650 per tonne on Thursday.

The players

ICE Futures

The exchange where canola futures are traded.

Chicago soyoil

Vegetable oil futures traded on the Chicago Board of Trade, which can influence canola prices.

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The takeaway

The pullback in canola prices on Thursday highlights the commodity's sensitivity to technical factors, as well as its linkages to other vegetable oil and oilseed markets. The strength of the Canadian dollar also remains an important consideration for the canola market, as it can impact the competitiveness of Canadian exports.