Canola Futures Rise on Chicago Soy Spillover

ICE Canola futures rose late Monday morning as the market followed Chicago soy's lead. The increase in soy prices is attributed to speculation that China may purchase more U.S. soybeans ahead of a summit between Presidents Xi Jinping and Donald Trump on Wednesday.

European rapeseed also saw an uptick, but Malaysian palm oil declined. However, crude oil plummeted, putting a cap on the gains in vegetable oils.

An analyst noted that the market is 'quite long,' which could be causing a sell-off. The Prairie forecast predicts low to mid-20s Celsius temperatures with no rain over the next few days, encouraging more harvesting.

Alberta's harvest was only 29% complete as of September 15, with canola at four percent finished. The November canola contract remains above its major moving averages, further supporting the oilseed.