Canola futures ended lower on Thursday, with the nearby July contract closing below the $600/tonne level.
Weakness in the Chicago soy complex spilled over to pressure canola. Soybeans fell hard on good crop conditions in the American Midwest, with scorching heat in the southern and eastern growing areas expected to abate this weekend and rain on the way.
Conditions for the Prairie canola crop are also generally good, although today’s Saskatchewan crop report did note that warmer temperatures are needed to advance crop development. Overly wet conditions in some areas also continue to be a problem.
July canola lost $10.50 to $599.40, and November was down $10.30 at $618.10.
