Canola futures suffered substantial losses Friday amid weakness in outside oilseed and energy markets.
Chicago soybeans fell sharply following the USDA’s September WASDE, which unexpectedly raised the U.S. soybean yield to 52.8 bu/acre and production to 4.535 billion bu, both above pre-report expectations. Soybean oil also came under pressure, undermined by deep losses in crude oil.
After hitting a 3.5-month high a day earlier, U.S. crude prices fell back after the International Energy Agency (IEA) on Friday warned that high oil prices and restricted oil supply will cause the biggest drop in global oil demand this year since the Covid-19 pandemic.
November canola dropped $22.10 to $817.20, and January was down $22.30 at $827.10.
