ICE Close: Canola Caught in Soybean, Soyoil Downdraft 

Canola futures suffered double-digit losses on Thursday, amid losses in Chicago soybeans and soyoil futures. 

Crude oil and European rapeseed were also lower, although much of the pressure on the market today came from the USDA supply-demand update, which raised 2023-24 US soybean ending stocks well above expectations.  

Prior to the bearish report for soybeans, canola was working generally higher. But with soybeans and soyoil falling today, canola was caught in the downdraft. 

May canola lost $14.50 to $624.30, July was down $13.40 at $635.70, and November fell $13.40 to $645.30. 

Source: DePutter Publishing Ltd.

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