Canola futures weakened on Friday as crude oil fell, and traders took money off the table ahead of the weekend.
Growing expectations the U.S. and Iran could move closer to a peace agreement pressured crude, with U.S. crude below $88/barrel, and Brent crude now under $92. Chicago soybean oil posted good gains today, but soybeans lost ground. European rapeseed was weaker as well, with palm oil mixed.
Seeding operations across the Prairies are picking up after a slow start due to cool and wet conditions in many areas. Alberta seeding of major crops reached 74% complete as of Tuesday, up sharply from 51% the previous week but still below the five-year average of 83%, today’s provincial crop report showed. Canola was reported at 61% done.
After a stretch of hot, dry, and wind weather, some rain and cooler temperatures are expected to begin spreading across the Prairies this weekend.
July lost $6.40 to $760.90, and November was down $6 at $772.70.
