Canola Meaning:
In commodity market terminology, Canola generally refers to the seed of the rapeseed plant that was initially developed in Canada. It is used to make Canola Oil which is purportedly the healthiest among the commonly-used cooking oils because it is low in saturated fat and high in monounsaturated fat.

Canola Example:
Canola futures are traded at the Winnipeg Commodities Exchange or WPG in Winnipeg, Canada. Contracts for Canola are for 20 tons and are quoted in Canadian Dollars per ton with a minimum fluctuation of $0.10 per ton or $2.00 CAD per contract.The symbol for Canola seed futures is RS.