ICE Canola Futures Decline Amidst Slowing Exports and Ongoing Harvest

ICE Canola futures closed lower on Friday, Sept. 4, due to declines in the Chicago soy complex.

The Prairie harvest is underway, with Saskatchewan reporting its canola harvest was four per cent complete and yielding 38 bushels per acre. Alberta's crop report will be released later this afternoon.

According to the Canadian Grain Commission, canola exports for the week ended Aug. 30 fell to 58,300 tonnes from 118,100 the previous week. Cumulative exports reached 584,800 tonnes compared to 482,300 a year ago.

An analyst noted that it's typical for exports to slow ahead of harvest.