Canola futures suffered heavy losses on Friday as weakness across the global oilseed and broader financial market pressure weighed heavily on prices.
Pressure from outside markets was significant, with Chicago soybean futures falling to fresh multi-month lows amid favourable U.S. crop weather, a stronger U.S. dollar, and liquidation across commodities and equities. Lower prices in competing vegetable oils added additional bearishness, as Chicago soyoil, European rapeseed, and Malaysian palm oil all moved lower.
Continued waves of rain and storms across the Prairies are expected to deliver ample moisture to major production regions through next week, supporting crop establishment and early-season development, World Weather said today.
The weekly Alberta crop report showed planting across the province now nearly complete, with canola at 89% done. The report also showed significant improvement in both surface and sub-surface soil moisture levels compared to the five- and 10-year averages.
July canola tumbled $27 to $757, and November lost $23.40 to $764.20.
