wheats.aiICE FUTURES U.S. · CANOLA · CANADIAN DOLLARS
ICE canola futures (RS)
ICE canola futures (symbol RS) price the Canadian canola crop, the world’s largest source of exported rapeseed. They trade on ICE Futures U.S. in Canadian dollars per tonne, with physical delivery at par in Saskatchewan, and sit next to Euronext rapeseed in Paris and Chicago soybean oil as the main oilseed price references.
- Contract size
- 20 t
- Minimum price movement
- C$0.10/t = C$2
- Delivery months
- Jan · Mar · May · Jul · Nov
- Last trading day
- Trading day before the 15th
Contract terms
Each contract covers 20 tonnes of non-commercially clean No. 1 Canada canola. Trading in a delivery month ends on the trading day before the fifteenth calendar day of that month, and delivery runs from the first trading day of the month. ICE adds a September delivery month from the September 2027 expiry. Futures prices and settlements are ICE market data and are not shown on Wheats.
Canadian canola crop
USDA puts Canada’s 2026/27 canola crop at 22.5 million tonnes, 22% of world rapeseed production, with exports of 7.9 million tonnes. Prairie weather in June and July decides the crop; China’s import policy toward Canadian seed and Europe’s demand when its own crop is short decide where it goes.
| Marketing year | Canada production | Canada exports | Australia production | World production |
|---|---|---|---|---|
| 2026/27 | 22.5 | 7.9 | 8.4 | 100.3 |
| 2025/26 | 22.2 | 9.0 | 7.7 | 96.0 |
| 2024/25 | 19.2 | 9.4 | 6.4 | 86.3 |
| 2023/24 | 19.5 | 6.8 | 6.1 | 90.0 |
| 2022/23 | 18.9 | 8.0 | 8.4 | 89.9 |
| 2021/22 | 14.3 | 5.3 | 6.8 | 76.7 |
The Canadian dollar matters for both sides of the trade: a weaker loonie lifts canola prices in Canadian dollars for the same world price. It traded at 1.4258 per US dollar on 13 Nov 2026 (+1.8% on a year) (ECB reference rates).
Managed money positioning in canola
The CFTC’s weekly Commitments of Traders report put managed money at a net long of 33,530 canola contracts (about 0.67 million tonnes) in the week of 3 Nov 2026, −16,255 on the week, or +12.3% of 271,687 contracts of open interest. At month ends since Jul 2018, funds were less long than now in 71% of months.
Sources
Contract terms: ICE canola contract specification. Balances: USDA Production, Supply and Distribution (US public domain). Positioning: CFTC Commitments of Traders, disaggregated, futures only. Exchange rate: ECB. Wheats provides information aggregation, not trading recommendations. See also the rapeseed cash price and the rapeseed board in the Wheats terminal.