How canola meal is priced

ICE Futures Canada Canola seed futures; meal value is derived via crush margin and oil/meal yield; canola trading high 500s to 700 CAD/ton in 2024.[4] · USD/MT · Contract size N/A

Benchmark contracts

BenchmarkTypeContract specUnitRangeAs ofDeliverable grade
Vancouver export terminals, Western Canadaphysical_fobTypical 36%+ crude protein, max 12% moisture, pelleted or loose, FOB Vancouver bulkUSD/MT300–350May 2026—
US Pacific Northwest feed marketsphysical_cif36–38% protein, max 12% moisture, delivered bulk to feed millsUSD/MT340–390May 2026—
Northwest Europe ports (Hamburg, Rotterdam)physical_fobEuropean rapeseed meal 34–38% protein, max 12% moisture, bulk FOB barge or vesselUSD/MT310–360May 2026—
ICE Futures CanadaHeadlinefuturesCanola seed futures; meal value is derived via crush margin and oil/meal yield; canola trading high 500s to 700 CAD/ton in 2024.[4]USD/MT550–700Apr 2024—

Premium structure

Differentials between benchmarks reveal where physical canola meal trades relative to the futures reference and how regional grades price against the global standard.

BenchmarkDifferentialNotes
Vancouver export terminals, Western CanadaOften priced at a discount to ICE canola seed futures equivalent, reflecting oil extraction value and meal–oil share.
US Pacific Northwest feed marketsTypically trades at a discount to US soybean meal CIF PNW on a per-ton basis but at times parity or premium on a digestible protein basis.
Northwest Europe ports (Hamburg, Rotterdam)Quoted at a variable discount to CBOT soybean meal, reflecting lower protein content and regional supply-demand.
ICE Futures CanadaPhysical canola meal values are derived from seed futures less oil value and crush margin; traders track the crush spread rather than a direct differential.
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