Canola futures ended weaker on Friday, with improving Prairie weather forecasts helping to pressure.
World Weather said in a report today that rainfall will be limited for most of the Prairies through the end of next week. Periods of warmer weather should also help get fieldwork back on track again in some locations. Today’s Alberta crop report showed the harvest of major crops in that province at just 23% complete as of Tuesday, up only 5 points on the week and well behind normal. Chicago soybean oil was also lower, alongside Malaysian palm oil, while weaker crude oil added to the pressure by reducing support tied to biofuel demand.
A slightly weaker Canadian dollar helped cushion the decline.
November canola dropped $11.60 to settle at $822.30, while the January contract fell $11.10 to $833.
