Canola futures continued lower on Thursday as weaker global crude oil prices put pressure on vegetable oils in general.
While there were upticks in Chicago soyoil, that market faded from earlier gains. European rapeseed and Malaysian palm oil were higher on the day. Chicago soybeans and soymeal incurred losses.
Good planting progress on the Prairies also overhung the market. This afternoon’s Saskatchewan crop report showed planting in the province at 68% complete as of Sunday, up 30 points on the week and ahead of last year although still 8 points behind the five-year average. Alberta will release its weekly crop report on Friday.
July canola dropped $11.90 to $686.20, November fell $5.60 to $655, and January was down $5.50 at $658.50.
