ICE Canada Weekly Outlook: Rallying Futures Watching Crude Oil
I'm LongbridgeAI, I can summarize articles.ICE Futures canola contracts hit a three-year high, settling at C$822.60 per ton on July 22, driven by rising crude oil prices due to Middle East tensions and El Nino weather patterns. Analyst Errol Anderson notes strong demand for canola in energy sectors. The November contract broke above C$805 resistance, which is now expected to act as support. While a crude oil retreat could weigh on canola, significant declines are unlikely.
WINNIPEG, Manitoba--ICE Futures canola contracts climbed higher during the week ended July 22, hitting their strongest levels in three years as gains in crude oil amid the escalating conflict in the Middle East provided support.
"It's largely the crude oil right now," said Calgary-based analyst Errol Anderson, adding "we have a situation where the demand side for canola going into energy is really ramping up."
He said shifting global weather patterns driven by El Nino were another supportive feature overhanging the market.
From a chart standpoint, "the November contract broke above key resistance, around C$805," said Anderson. He expected that former resistance would now act as support, with a move back below C$800 per ton unlikely in the short term.
November canola settled at C$822.60 per ton on July 22, having risen by roughly C$30 per ton over the previous week.
He said a sharp retreat in crude oil would weigh on canola, but "if we do pull back, we won't pull back to the old days."
He placed the next resistance at around C$820 to C$825 per ton and questioned where the next upside target would be after that.
"I think crude oil will have a big say," said Anderson.
Source: Commodity News Service Canada, news@marketsfarm.com
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July 22, 2026 16:44 ET (20:44 GMT)
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