ICE Canada Weekly Outlook: Canola Firm as Harvest Begins
WINNIPEG, Manitoba--ICE Futures canola contracts held near their strongest levels in three years during the week ended Sept. 9, with much of the strength linked to gains in crude oil. The underlying fundamentals also remain supportive, although seasonal harvest pressure could limit the nearby upside.
With escalating tensions in the Middle East, Brent crude oil moved above US$100 per barrel on Sept. 9, while West Texas Intermediate traded just shy of that mark. November canola settled at C$832.10 per ton on Sept. 9, which was up by about seven dollars on the week.
Statistics Canada reported canola ending stocks as of July 31, 2026, at 1.9 million tons. That was up by 19% on the year but in line with the five-year average. Analyst Bruce Burnett of Glacier FarmMedia said the carryout stocks matched trade estimates, and were considerably tighter than had been anticipated earlier in the marketing year when China was still absent from the export market.
Looking ahead, "the big question is how big is this year's crop," said Burnett.
The first official answer to that question from StatCan will be released on Sept. 16. Canada grew 21.8 million tons of canola in 2025-26.
The canola harvest is still in its early stages across the Prairies, with recent rains likely causing some delays. Burnett said there could also be some quality degradation from the moisture.
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
September 09, 2026 16:23 ET (20:23 GMT)
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