Canola futures were lower at Friday’s close as an attempt at extending Thursday’s recovery higher failed to gain traction.
Losses in outside markets, including Chicago soyoil and European rapeseed futures, accounted for some spillover selling pressure in the Canadian oilseed.
However, while canola failed to hold onto intersession gains, the market was also well off its lows for the day. Solid export demand and wide crush margins kept end users in the market, with ideas values were looking oversold also providing some support.
May canola was down $4.20 at $751.60, July dropped $7 to $745.10, and November fell $8 to $726.70.
