ICE Close: Canola Adds to Previous Day’s Gains

Nov 16, 2023

Canola futures closed higher for the second straight day on Wednesday, adding to the gains from the previous day.

The canola market was closed on Monday to mark Remembrance Day when the Chicago soy complex shot higher on Brazilian weather problems. Soybeans and soymeal were lower today, although soyoil managed gains.

After posting heavy losses in September and October, the canola market is recovering alongside other vegetable oils, including palm and soy.

January canola was up $5.60 at $719.50, March was $4.80 higher at $725.10, and May gained $5.10 to $728.50.

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Video: Midwest Weather Shock: Flash Drought Turns Into Heavy Rain Threat This Week (2026 Forecast)

A rapidly changing Midwest weather pattern is unfolding in 2026 as areas that recently slipped into abnormal dryness and flash drought conditions are now facing the threat of heavy rain and repeated storm systems.

After a wet spring erased early drought conditions, regions across Illinois, Iowa, Wisconsin, Minnesota, and northern Missouri have quickly dried out again since mid-to-late May. Soil moisture is dropping fast, and crops like corn and soybeans are beginning to feel the stress of rising temperatures and lack of consistent rainfall. Now, weather models show a major shift.

A developing system moving in from the Northern Plains is expected to bring multiple rounds of showers and thunderstorms, with the potential for locally heavy rainfall across the Midwest. While some areas may miss out, others could finally see much-needed relief from the growing dryness. In this video, we break down:

Current drought conditions across the Midwest

Why a flash drought is developing quickly

Timing and path of incoming storm systems

Which states are most likely to see heavy rain

How long this wet pattern could last

Will this rain end the drought or create new flooding risks? Watch the full forecast to find out.