Canola Futures Rise on Crude Oil Spikes Amid Harvest Delays

ICE canola futures closed higher for the second consecutive session on Thursday due to a spike in crude oil prices. The increase in canola was not enough to lift other vegetable oils, however, as Chicago soybeans and soyoil along with European rapeseed and Malaysian palm oil declined.

Saskatchewan reported its canola harvest progress at 26 per cent complete as of September 21, up 11 points from the previous week. The province-wide combining progress was at 41 per cent, which is half of the five-year average due to humid and wet conditions slowing field progress.

Prairie temperatures are expected to rise over the weekend with little to no rain, but southern Manitoba and parts of central Alberta will receive precipitation. The Canadian dollar fell back to 70.71 U.S. cents compared to Wednesday's close of 70.94.