Canola futures fell on Thursday, pressured by weakness in the Chicago soy complex and renewed seasonal harvest pressure in Western Canada.
Canola futures did not trade on Wednesday in observance of the National Day for Truth and Reconciliation, leaving the market to catch up with losses in soybeans and soyoil from the previous session. That soy weakness continued Thursday, pulling canola lower as well.
Improving harvest conditions also weighed on prices. Warm, drier weather is giving producers an opportunity to make better progress in the fields. Today’s Saskatchewan crop report estimated the harvest in that province at 63% complete as of Monday, up sharply from 41% the previous week although still well behind the normal pace. The canola harvest was estimated at 45% done.
November was down $12 at $811.70, and January dropped $11.90 to $825.20.
