Losses in crude oil and the Chicago soy complex following a monthly USDA supply-demand update helped to pull canola futures lower on Thursday.
Much of the pressure on the soy complex came from a higher 2025-26 Argentina soybean production forecast, which was raised 2 million tonnes from last month to 50 million. Brazil was steady at 180 million. Meanwhile,
crude oil prices gave up an early advance and settled sharply lower after President Trump said he canceled planned military strikes on Iran, signaling a peace deal could be imminent.
Today’s Saskatchewan crop report showed seeding in the province almost wrapped up for the year. However, some parts of the Prairies have already been hit with extreme weather, including much of southern Manitoba which was pounded by heavy rain and flooding this week.
July was down $1.70 at $765.30, and November lost $1.50 to $773.70.
