Canola futures closed lower on Friday, largely on spillover pressure from the Chicago soy complex, which turned lower after the White House biofuels announcement in a classic buy-the-rumor, sell-the-fact reaction.
Even though the EPA’s new 2026-27 renewable fuel requirements were fundamentally supportive for vegetable oils and oilseeds, soybean futures and soy oil still slipped as traders took profits after the policy news. European rapeseed was also lower today, although palm oil managed gains.
The Canadian dollar was weaker, which offered some support to canola.
May and November canola each lost $8.90 to end at $720.50, and $727.90, respectively.
