Canola futures closed weaker on Friday, seeing a continuation of Thursday's declines as an early attempt at correcting higher proved short-lived.
Losses in Chicago Board of Trade soyoil accounted for some of the spillover weakness in canola, with chart-based speculative long liquidation a feature. Relatively favourable seeding weather in the eastern Prairies also weighed on values. However, rain delays and even snow in Alberta provided some underlying support.
Weakness in the Canadian dollar also helped temper the declines in canola.
July was down $3.70 at $463.50, November dropped $1.70 to $472.40 and January fell $1.70 to $478.90.
Source: DePutter Publishing Ltd.
Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.