Canola futures settled lower for the ninth-straight session, as bearish technical signals and losses in outside markets weighed on values. Global economic concerns, highlighted by heavy losses in crude oil and sharp declines in shares of European bank Credit Suisse weighed heavily on values.
European rapeseed and Malaysian palm oil futures were also lower, while Chicago soyoil managed to claw its way above unchanged in the most active months by the close. Oversold price sentiment provided some support, with weakness in the Canadian dollar also helping temper the declines in canola.
May canola fell $6.60 to $751, July dropped $7.50 to $747.60, and November lost $6.50 to $729.40.
