Canola futures closed modestly lower on Friday as thin holiday trading limited market activity.
U.S. grain and oilseed markets were closed for the Juneteenth holiday, leaving canola without its usual direction from Chicago soybeans and soybean oil and encouraging some cautious positioning ahead of the weekend.
The declines came despite modest gains in crude oil, European rapeseed and Malaysian palm oil. Crude prices found some support after the U.S. and Iran postponed the planned start of talks on a more permanent peace agreement, raising doubts about whether the recently signed deal would hold.
Today’s Alberta crop report pegged the condition of the canola crop at 60% good to excellent as of Tuesday, one of the lower ratings among all crops in the province. On the other hand, Alberta surface soil moisture was rated 80% good to excellent, compared with only 26% last year and the five-year average of 56%.
July canola lost $2.90 to $726, and November was down $1.20 at $733.10.
