Canola futures softened across the board to start the week, weighed down by technical pressure and a lack of fresh fundamental support. The November 2025 contract led the declines, slipping 4.9 CAD to close at 695.9 CAD/tonne, while January 2026 fell 4.6 CAD to finish at 705.8 CAD/tonne. The trend extended into deferred months, with March and May 2026 contracts easing by 3.9 CAD and 3.5 CAD respectively. Losses were milder in the July 2026 contract, which settled at 719.8 CAD/tonne after a 3.3 CAD drop. Notably, November 2026 saw the sharpest single-day decline, falling 20 CAD to 681.7 CAD/tonne, indicating a wider reassessment of long-term pricing amid expectations for improved supply. Weakness in vegetable oil markets and recent strength in the Canadian dollar may also be contributing to bearish sentiment.
With harvest season advancing and crop conditions stabilizing, traders appear cautious, opting to de-risk ahead of key updates on yields and export demand. Despite the red ink across the curve, canola values remain within their broader summer range, suggesting a market still searching for clear directional cues. Until then, price movement is likely to remain reactive to outside market signals and harvest progress.
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