Canola Futures Rise with Chicago Soy Complex

ICE Canola futures rose on Monday morning, driven by gains in the Chicago soy complex. Analysts point to speculation that China may increase its soybean purchases from the US ahead of a key summit between Presidents Xi Jinping and Donald Trump.

The uptick in European rapeseed also provided support for canola prices, although Malaysian palm oil fell. However, crude oil declined sharply, putting pressure on vegetable oils.

According to an analyst, the market is 'quite long' and this could be contributing to a selloff.

On the Prairie, temperatures are expected to remain in the low to mid-20s Celsius with no rain over the next few days, which should boost harvesting. Alberta's canola harvest was only 29% complete as of September 15, with the province's canola at four percent finished.