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ICE Canada Weekly: Canola could enter narrow range

Soyoil, loonie, StatCan report among supportive factors

As the turnaround in canola continued, analyst said there are three factors underpinning the swing upward. David Derwin, commodities futures advisor for Ventum Financial in Winnipeg, pointed to the gains made by soyoil futures on the Chicago Board of Trade, the weakening of the Canadian dollar, and the reduction in the canola harvest made by Statistics Canada.










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Prairie forecast: Cold start for the east, overall warm, dry expected

Forecast issued Dec. 11, 2024, covering Dec. 11 – Dec. 18, 2024

To start this forecast period, the strong area of low pressure that tracked through the eastern Prairies is now over Hudson Bay. The rotation around this low is opening the door for a strong, very cold Arctic high to build southwards into the eastern Prairies. This looks to bring some of the coldest temperatures so far this winter to eastern Saskatchewan and western Manitoba. The good news is that it doesn't look like the cold air will stick around long.