Precipitation delays canola harvest in Canada, which supports prices

Last week, rains in the Canadian prairies delayed the canola harvest. This could compromise the quality of the crop and reduce its potential.

As of September 24, canola was 55% harvested in Saskatchewan (82% last year), 48.5% harvested in Alberta, and 55% harvested in Manitoba.

Rainfall is forecast to stop and temperatures to drop this week, followed by dry and warm weather to speed up harvest.

November canola futures on the Winnipeg exchange rose 2.4% to 604 CAD/t or $447/t (-1.8% month-on-month) for the week amid gains in soybeans and vegetable oils.

For September 15-22, canola exports from Canada decreased from 310.3 to 228.6 thousand tons compared to the previous week, and in the season (since August 1) reached 1.67 million tons, which is 3.4 times higher than last year’s pace due to the intensification of shipments to the EU amid lower prices for Canadian canola than for European or Ukrainian rapeseed.

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Tags: prices, Canada, rapeseed