Canola futures suffered heavy losses on Thursday, pressured by speculative selling, weakness in competing oilseed markets and continued harvest activity across Western Canada.
Sharp declines in Chicago soybean futures, which dropped to seven-week lows, added to the bearish sentiment, while European rapeseed and Malaysian palm oil also traded lower. Strength in crude oil provided some underlying support, while Chicago soyoil was mixed.
Seasonal harvest pressure also weighed on the market as producers continued to bring in the remaining Prairie canola crop following earlier weather-related delays. Saskatchewan reported its canola harvest was 89% complete as of Monday.
November canola lost $10 to $801.70, and January fell $10.90 to $813.70.
