Canola Prices Drop as Harvest Looms
ICE Canola futures were lower at mid-session Monday, falling back by double digits. An analyst attributed this decline to profit-taking and the impending harvest of canola. The analyst noted that speculative funds still hold a large long position in Canadian oilseed.
The harvest progress is reported to be nearly one per cent complete in Alberta's south. Additionally, pressure on canola was coming from declines in the Chicago soy complex, as well as lower European rapeseed and Malaysian palm oil markets.
Despite today's losses, the November canola contract held above its major moving averages. The Canadian dollar was higher with the loonie at 72.14 U.S. cents late Monday morning. Pakistan is back buying Canadian canola after ceasing purchases from 2023 to 2025.