Canola Futures Climb as Vegetable Oils Gain Support

Canola futures on the Intercontinental Exchange (ICE) kicked off the week with a strong upward movement during Monday’s midday trading. This rise comes as crude oil prices faced downward pressure following the G7’s announcement on Friday to release 100 million barrels of oil and fuel products to curb rising prices. Meanwhile, other vegetable oils such as Chicago soyoil, European rapeseed, and Malaysian palm oil also saw gains.

In Alberta, the canola harvest made significant progress, advancing 16 percentage points in the week ended September 29, bringing the total completion to 31%. Weather conditions varied across the Prairies, with northern Alberta and Saskatchewan experiencing rain and thunderstorms, while southern regions enjoyed sunny skies and warmer temperatures. Southern Manitoba also saw sunny weather with a high of 20 degrees Celsius.

The Canadian dollar remained steady compared to Friday’s close. By 10:10 CDT, approximately 57,000 canola contracts had traded. Prices in Canadian dollars per metric tonne showed gains across various delivery months: November at 822.60 (up 7.10), January at 836.30 (up 7.60), March at 845.30 (up 9.10), and May at 847.00 (up 9.10).