Canola Futures Decline Amid Mixed Oil Sentiment

Canola futures on the Intercontinental Exchange (ICE) declined in midday trading on Friday, September 13. The decline was attributed to mixed sentiment in comparable oils.

An analyst noted that dry weather over the next few days will advance the canola harvest in the Prairies region.

However, the same analyst mentioned that if crude oil prices hold their gains, the price of canola should increase as well. At present, crude oil prices are under pressure due to repairs to a Saudi Arabian pipeline.

The Canadian Grain Commission reported negligible canola exports during the week ended September 13, but year-to-date totals rose to 709,600 tonnes.