Canola Market Review: October 2026

By Trent Klarenbach, BSA AgEc, PAg. Klarenbach Research, #101 - 733 Broadway Avenue, Saskatoon SK S7N 1B3. This is a factual monthly review of the canola market. It reports what happened and what is scheduled next. It does not give price outlooks or marketing advice.

Current prices

• ICE canola January 2027 futures: C$785.50 per tonne, settlement on October 21, 2026 (Source: Glacier FarmMedia ICE Closing Review, The Western Producer, Oct. 21, 2026). Prices on this page are not live; check the exchange for the latest quote.
• Klarenbach Saskatchewan Canola Price Index: $16.42/bu, as published in the Klarenbach Grain Report canola note of October 21, 2026 (chart dated Oct. 21, 2026, 10:36 a.m.).

What moved canola in October 2026

• Futures moved lower over the month. January canola settled at C$837.10 per tonne on September 29, 2026, the last trading day before October (ICE was closed September 30 for the National Day for Truth and Reconciliation), and at C$785.50 on October 21, down C$51.60. November canola went from C$823.70 to C$772.00 over the same dates (Sources: Glacier FarmMedia via MarketScreener, Sept. 29, 2026; The Western Producer, Oct. 21, 2026).
• On October 20, November canola settled at C$781.00, which the Manitoba Co-operator reported as the lowest price in nearly two months (Manitoba Co-operator, Oct. 20, 2026).
• On October 21, canola followed Chicago soyoil, European rapeseed and Malaysian palm oil lower (The Western Producer, Oct. 21, 2026).
• Agriculture and Agri-Food Canada's October outlook, released October 20, lowered projected 2026-27 canola ending stocks by 11,000 tonnes to 1.968 million tonnes (The Western Producer, Oct. 21, 2026). The September outlook had put ending stocks at 1.979 million tonnes (Syngenta Canada market news, Sept. 25, 2026).
• Statistics Canada's model-based estimate of September 16, 2026 put canola production at 22.051 million tonnes, down 0.8% from 22.227 million tonnes in 2025. Yields were estimated at 41.8 bushels per acre (down 8.3%) on 23.2 million harvested acres (up 8.0%) (Statistics Canada, The Daily, Sept. 16, 2026, Table 32-10-0359-01).
• Through the week ended October 11, 2026 (crop week 10), the Canadian Grain Commission reported canola exports of 1.3766 million tonnes for the crop year to date, compared with 955,300 tonnes a year earlier. Producer deliveries were 4.4546 million tonnes (3.4681 million a year earlier) and domestic disappearance was 2.6081 million tonnes (2.3119 million a year earlier) (Canadian Grain Commission, Grain Statistics Weekly, week 10).
• Manitoba's canola harvest was 92% complete as of October 20 (The Western Producer, Oct. 21, 2026).
• In the October 13 Commitments of Traders data, managed money held a net long position of about 102,000 ICE canola contracts (CFTC Commitments of Traders, as reported by Farmbucks, Oct. 13, 2026).

Reports to watch

• Weekly: Canadian Grain Commission Grain Statistics Weekly (exports, deliveries, stocks) and the COPA weekly crush report, Fridays at 2:00 p.m. Central (CGC; COPA).
• November 10, 2026, 11:00 a.m. CST: USDA World Agricultural Supply and Demand Estimates (WASDE) (USDA).
• November 13, 2026: expiry of the ICE November 2026 canola contract (ICE contract calendar, via Farmbucks).
• December 4, 2026: Statistics Canada final survey-based principal field crop production estimates for 2026 (Statistics Canada, The Daily, Sept. 16, 2026).
• December 10, 2026, 11:00 a.m. CST: USDA WASDE (USDA).

Related

• Klarenbach Grain Report, independent canola, wheat, barley, oats and flax analysis read by 3,500 Prairie producers.
• Canola dashboard (Premium Chart Dashboard)
• Grain marketing advisor in Saskatchewan
• Grain marketing advisor in Alberta

Questions

What moved canola futures in October 2026?

January ICE canola fell from C$837.10 per tonne on September 29 to C$785.50 on October 21, as vegetable oil markets moved lower and the Prairie harvest wrapped up. AAFC's October outlook put 2026-27 ending stocks at 1.968 million tonnes.

What is the ICE canola futures price?

January 2027 ICE canola settled at C$785.50 per tonne on October 21, 2026. This page is not a live quote.

When is the next Statistics Canada canola production estimate?

Statistics Canada is scheduled to release its principal field crop production estimates on December 4, 2026.

Does this review give a canola price outlook?

No. This review reports what happened in the market and which reports are scheduled. It does not give price outlooks or advice. Market analysis is in the Klarenbach Grain Report.