Canola ended modestly lower on Friday, going into the long holiday weekend on a down note.
Losses in Chicago soybeans and soybean oil weighed on canola, although the market has nonetheless come a long way since late December when the March contract fell to $590. Since then, the March contract has gained nearly $70/tonne or 11.6% (see chart below). Losses in European rapeseed were also bearish for canola, with crude and palm oil providing no clear direction.
Weakness in the Canadian dollar was supportive for canola.
March canola was down $4.30 at $664.10, and November dipped 80 cents to $679.90.
US markets will also be closed on Monday, in observance of Presidents Day.
March canola: source – Barchart
