ICE Close: Canola Slides Lower Again

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.

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