Canola Futures Rise on Vegetable Oil Support Amid Slow Prairie Harvest

Intercontinental Exchange canola futures saw a rise on Monday morning, supported by gains in other vegetable oils. The Chicago soy complex, European rapeseed, and Malaysian palm oil all posted increases, though the gains were somewhat limited by losses in crude oil. The advancing Prairie harvest also put a cap on canola's upside, with progress across the region still slower than usual.

Alberta reported that its canola harvest reached 31 per cent complete, marking a 16-point improvement during the week ended Sept. 29. Favorable weather conditions, with temperatures ranging from the high teens to low 20s Celsius and partly cloudy to sunny skies, are expected to help complete more combining.

Canola crush margins expanded, with November positions ranging from C$285 to C$292.10 per tonne above the futures. The Canadian dollar eased back on Monday morning, with the loonie at 70.14 U.S. cents, compared to Friday’s close of 70.20. By 8:52 CDT, approximately 33,550 contracts had been traded.