Direct answer: ICE canola futures (symbol RS) trade on ICE Futures U.S. in Canadian dollars per tonne. One contract is 20 tonnes, the minimum price move is 10 cents per tonne (C$2.00 per contract), and the delivery months are January, March, May, July and November. The contract prices canola delivered in a par region in Saskatchewan, which is why it is the benchmark for Prairie cash bids.
The contract at a glance
Specification | ICE canola (RS) |
|---|---|
Exchange | ICE Futures U.S. |
Contract size | 20 tonnes |
Price quote | Canadian dollars per tonne |
Minimum tick | C$0.10 per tonne (C$2.00 per contract) |
Delivery months | Jan, Mar, May, Jul, Nov (ICE has added Sep from the September 2027 expiry) |
Last trading day | The business day before the 15th calendar day of the delivery month |
Daily price limit | C$50.00 per tonne above or below the prior settlement, expandable under exchange rules |
Delivery | Physical, in the Saskatchewan par region, with set premiums or discounts for other regions |
Source: ICE Futures U.S. canola contract specifications. Always check the exchange for current rules before trading.
How the price is quoted
A canola print like "Canola · Jan: C$793.80" (the Jan 2027 settle on Oct 26, 2026) means C$793.80 per tonne for canola delivered against the January contract. A move of C$1.20 on one contract is worth C$24 (20 tonnes × C$1.20).
Because it is quoted per tonne, the futures price does not line up with a per-bushel elevator bid until you convert it. Divide by 44.092 to get dollars per bushel; see how many bushels are in a tonne of canola.
Contract months and the front month
Each contract month trades as its own price. The front month (the nearest actively traded contract) carries the most volume, and that is the one The Daily Board labels on the canola line. As a contract approaches delivery, trade rolls to the next month. On roll days the printed price can jump even if the market barely moved, because the board switched months. Always read the month before reading the change.
Cash buyers also price off a specific month. A fall delivery contract is commonly priced as a basis against November futures; a winter delivery against January or March. The basis is the gap between that futures month and the cash price.
The par region and why it matters
The contract's base delivery area is a par region in Saskatchewan. Alberta Agriculture's guide to the contract describes the reference point as free-on-board (FOB) truck at elevators within roughly 150 km of a midpoint between north Saskatoon and Aberdeen, Saskatchewan. Deliveries from other regions carry fixed adjustments: for example, the ICE specification lists a C$6.00 per tonne premium for western Alberta and a C$2.00 per tonne discount for Manitoba.
That anchoring is why ICE canola is the global price reference for canola and why Prairie elevator and crusher bids are built on it. Very few contracts go to delivery; most farmers and buyers use the futures for price discovery and hedging, then sell grain in the cash market.
Frequently asked questions
How big is one ICE canola futures contract?
20 tonnes. A C$1 per tonne move changes the value of one contract by C$20.
What are the ICE canola contract months?
January, March, May, July and November. ICE has added a September month starting with the September 2027 expiry.
Is ICE canola quoted in Canadian or U.S. dollars?
Canadian dollars per tonne, even though the contract trades on ICE Futures U.S.
What is the ICE canola daily limit?
C$50 per tonne above or below the previous settlement, which can be expanded under exchange rules after a limit move.
