Canola futures turned lower on Thursday, unable to fend off the downward pressure from declines in Chicago soyoil.
Saskatchewan Agriculture issued its weekly crop report this afternoon, pegging the provincewide harvest of all major crops at 74% complete. The combining of canola was reported at 54% finished.
A trader said canola is very likely to continue trading sideways until there is fresh news. He suggested that if the seasonal rains fail to materialize in Brazil in the near future, that might push up soyoil and spillover into canola.
At mid-afternoon the Canadian dollar was lower and helped to temper losses in canola.
November canola was down $4.30 at $875.50, January fell $4.30 to $867.50 and March lost $4.20 to $854.40.
Source: DePutter Publishing Ltd.
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