Canola futures returned to their losing ways on Thursday, following for the third time in four sessions.
Apparent confirmation today that US tariffs will be applied to most Canadian goods on March 4 – after it appeared a day earlier the implementation would be further delayed until April – was negative for the canola market. The US is the largest buyer of Canadian canola oil and meal. Losses in the Chicago soy complex amid sharp declines in corn and wheat following today’s USDA Agricultural Outlook Forum, also weighed on canola.
Statistics Canada today reported the January canola crush at 1.01 million tonnes, diown slightly from the previous month but still 7.8% higher compared to a year earlier.
May canola lost $6.30 to $658.10, and November was down $4.10 at $649.
