Hefty losses in Chicago soybean oil futures pulled canola futures lower to end the week.
Soyoil fell to a five-week low, with much of the weakness attributed to continued uncertainty over US biofuel policy. Palm oil was also lower, while crude ticked down as well.
This afternoon’s Alberta crop report showed overall planting in the province at 90% complete as of Tuesday – well ahead of average - although it also noted some deterioration in soil moisture amid warm, windy weather.
World Weather said today there will be some Prairie showers and thunderstorms in the next seven days; however, rain amounts will likely be disappointing.
July was down $8.70 at $711.10, and November lost $3.20 to $688.60.
