Canola Futures Decline Amid Crude Oil Price Drop and Statistics Canada Report
The price of canola futures on the Intercontinental Exchange (ICE) continued to decline late Thursday morning, influenced by drops in comparable oils. Crude oil prices lost as much as $2 per barrel due to reports that a pipeline in Saudi Arabia damaged by Iran-backed Houthi rebels will resume operations in the coming days.
Chicago soyoil also gave up over one cent per pound, while European rapeseed and Malaysian palm oil were in negative territory. The canola market was digesting Wednesday's Statistics Canada production report, which estimated the 2026-27 canola crop at 22.1 million tonnes.
An analyst noted that production, seeded acres, and yields may be lower in StatCan's survey-based December report. Thursday is expected to be a good day for harvesting in the Prairies, with sunny conditions forecasted for central and southern parts of Alberta and Saskatchewan.