Canola futures ended steady to a bit higher on Friday, after recovering losses earlier in the session.
Prices were initially pressured by weakness in outside vegetable oil markets, including Malaysian palm oil and Chicago soyoil, while softer crude oil also weighed on the oilseed complex. Improving harvest weather across the Prairies and rising producer deliveries added seasonal pressure.
However, canola recovered much of those losses late in the session as Chicago soyoil turned higher following comments from U.S. Trade Representative Jamieson Greer that an announcement on U.S.-China trade talks is expected Monday. A weaker Canadian dollar also provided support.
Friday’s Alberta crop report pegged the harvest of all crops in the province at 43% complete as of Tuesday, still well behind the five- and 10-year averages of 76% and 60%. Canola was estimated at about 15% done.
Released today, Agriculture Canada’s September supply-demand outlook pegged the 2026-27 canola carryout at 1.979 million tonnes, up from its August forecast of 1.504 million tonnes.
November canola was unchanged at $828.60, and January was 20 cents higher at $841.40.
