Canola Futures Decline Amid Crude Oil Price Drop

ICE Canola futures declined on Friday, following a trend in comparable oils that were mostly negative. The drop was influenced by the lower price of crude oil, which affected the Chicago soy complex and Malaysian palm oil. However, European rapeseed prices were higher.

An analyst noted that warm temperatures and sunny skies over the next few days will aid the canola harvest in the Prairies, putting downward pressure on prices.

The Canadian Grain Commission reported a negligible amount of canola exports during the week ended Sept. 13, but year-to-date totals were up slightly at 709,600 tonnes.