Canola futures closed lower for the first time in four sessions on Friday.
Reports said there was little fresh news to offer price direction, leaving the market to follow the larger vegoil trend. Chicago soybean oil futures declined on the day, as did European rapeseed futures and palm oil. Further weakness in the Canadian dollar offered some support.
Canola also remains under harvest pressure, with today’s Alberta crop report noting good progress in the fields for farmers in that province over the past week. The harvest of major crops was reported at 77% complete as of Tuesday, up 18 points from the previous week and well ahead of the five- and 10-year averages. Canola was 56% done.
The report pegged the average canola yield in the province at 42.1 bu/acre, up 0.8 bu from the previous provincial estimate, and above Statistics Canada Sept. 17 forecast of 41.5 bu.
November and January canola each lost $5 to settle at $614.60 and $627.70, respectively.
