Canola futures posted more losses on Friday, with little to pull the market out of the doldrums.
This year’s record large Canadian continues to overhang canola, while the demand side has been badly dented by Chinese tariffs that have effectively blocked Canadian shipments to that country. According to the Canadian Grain Commission, total year-to-date canola exports of 2.4 million tonnes are lagging well behind 4.2 million a year earlier.
Losses in the Chicago soy complex also weighed on canola today, with palm oil and European rapeseed also weaker.
March canola fell $6.80 to $593.40, and November lost $5.20 to $618.50.
