Canola futures remained pointed lower on Thursday, falling for the fourth straight day.
The market did trade higher earlier in the day but still closed in the red as Chinese tariffs announced over the weekend continued to pressure prices, just as farmers prepare for the upcoming planting season. The losses today were at least more modest than earlier in the week.
Chicago soybeans and soybean meal were stronger today, but soyoil ended weaker. European rapeseed and palm oil were both higher, which helped to limit canola’s declines.
The extent of this week’s freefall in canola can be seen on the futures chart below, with the May contract now down about $78/tonne or 12.1% from Friday’s close. The new-crop November contract has been pummeled as well, dropping about $49 or 7.6% since Friday.
May canola was down $6.40 at $566.90, and November fell $9.30 to $589.80.
May canola: source – Barchart
