Canola closed lower for the third straight day on Friday with weakness in the Chicago soy complex continuing to overhang the market.
Soybean oil has been under pressure due to worries about US biofuel production, while soybeans posted double-digit losses today after a much-anticipated phone call between US President Donald Trump and Chinese President Xi Jinping reportedly made scant mention of agricultural trade. Trade tensions between the two countries means China is eschewing purchases of American soybeans and instead sourcing from Brazil.
The ongoing Prairie harvest added to the pressure on canola. Today’s Alberta crop report pegged the harvest of major crops in the province at 59% complete as of Tuesday, up about 20 points from a week earlier. Canola was estimated at 28% harvested.
November canola fell $5.30 to $618.60, and January lost $4.90 to $631.50.
