Canola Harvest Delays Cause Prices to Fall Across ICE Canada Futures

The canola harvest is still in its early stages across the Prairies, but recent rains have likely caused some delays. According to Intercontinental Exchange (ICE) Canada futures prices, canola was lower on Friday morning, continuing losses from the overnight session.

The Chicago soy complex and Malaysian palm oil were also down, along with most European rapeseed contracts. Crude oil was mixed, providing little direction for vegetable oils.

In Saskatchewan, 15% of the canola harvest is complete, but overall progress has been slow due to wet conditions. The province's five-year average shows that this time of year, the harvest should be around 39 points ahead of where it currently stands.

Temperatures are expected to rise across the Prairies on Friday, with some areas seeing sunny skies and others experiencing rain. Canola exports for the week ended September 13 were negligible, but year-to-date exports have reached 709,600 tonnes.