Heavy losses in the Chicago soy complex were too much for canola futures to overcome on Thursday.
The selling pressure in the US market – linked to the continued lack of expected Chinese buying – spilled over to pressure canola, although the losses were more moderate. Palm oil was lower on the day as well, as was European rapeseed. Declines in crude oil put further pressure on canola. The Canadian dollar offered little direction.
Chinese tariffs remain a bearish factor for canola.
January canola lost $$6.70 to $633.90, and March dropped $6.80 to $645.10.
