Canola futures ended with significant losses on Friday, undermined by sharp declines in Chicago soybean oil futures.
Canola followed soybean futures higher earlier this week, but while soybeans were higher again today – posting more trade-related gains - the canola market today gave into the losses in soyoil. Palm oil was also lower today, while European rapeseed was mainly lower. On the other side, crude gained while the Canadian dollar weakened.
January canola dropped $11.50 to $637, and March was down $11.80 at $648.
