Rainfall delays canola harvest in Canada, supporting canola prices

Rains hit the Canadian prairies last week, delaying the canola harvest. This can degrade the quality of the crop and reduce its potential.

As of September 24, in the province of Saskatchewan, canola has been harvested on 55% of the area (82% last year), in Alberta - on 48.5%, and in Manitoba - on 55% of the area.

According to forecasts, this week the rains will stop and temperatures will drop, followed by dry and warm weather that will speed up the harvest.

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

During September 15-22, the export of canola from Canada decreased compared to the previous week from 310.3 to 228.6 thousand tons, and in general in the season (from August 1) it reached 1.67 million tons, which is 3.4 times higher than last year pace thanks to the intensification of supplies to the EU against the background of lower prices for Canadian canola than for European or Ukrainian rapeseed.