Crude Oil Boosts ICE Canola Futures Amid Harvest Progress
Intercontinental Exchange (ICE) canola futures closed higher for the second session on Thursday, September 24, as crude oil prices surged. This spillover effect supported the Canadian oilseed market. However, other vegetable oils such as Chicago soybeans and soyoil, European rapeseed, and Malaysian palm oil declined in value.
The Saskatchewan canola harvest reached 26 per cent completion by September 21, up 11 points from the previous week. Combining provincewide was at 41 per cent, which is half of the five-year average. The slow progress was due to humid and wet conditions.
Weather forecasts indicate that temperatures will range from mid-teens to mid-20s Celsius with little to no rain over the weekend in Prairies. This will aid combining efforts. Southern Manitoba and central Alberta are expected to receive precipitation.