Canola futures ended with losses on Friday, with weakness in crude oil still overhanging the market.
Crude was under pressure from reports that an interim U.S.-Iran peace agreement could be signed as early as this weekend, ending the military hostilities, and reopening the Strait of Hormuz. Crude also fell heavily yesterday. Chicago soybeans and soybean oil were lower today as well, with European rapeseed and palm oil also ending with losses.
Today’s weekly Alberta crop report showed planting in that province at 97% complete as of Tuesday, near the five-year average of 100%. The report also noted “widespread and soaking rains,” which have maintained or improved soil moisture in the province.
July canola lost $7.50 to $757.20, and November was down $7.10 at $765.90.
