Canola Prices Surge Amid Global Market Turmoil
ICE Canada canola futures saw gains on Friday morning due to support from increases in soybean complex prices, European rapeseed, and Malaysian palm oil. However, losses in crude oil tempered the upside in vegetable oils.
The recent attacks on Black Sea ports by Russia and Ukraine also contributed to the higher price of canola. Canola exports were steady during the week ended August 23, with a total of 118,100 tonnes exported, while domestic use was virtually unchanged at 267,300 tonnes.
Saskatchewan reported that its canola harvest is one percent complete, with an overall province-wide harvest completion rate of 11 percent. Canola crush margins have expanded slightly, with November positions between C$259.90 to C$267.80 per tonne above the futures.