Weakness in crude oil helped to pressure canola futures on Thursday.
Canola was higher on Wednesday, catching up to the gains in soybeans on Tuesday when Canadian markets were closed for the Boxing Day holiday. However, the canola market turned lower today as crude oil fell to a 1 ½-week low on a stronger American dollar and concern about a possible slowdown in Chinese energy demand.
Losses in the Chicago soy complex added to the pressure on canola.
Canola has suffered through a particularly difficult 2023, with both cash prices and nearby futures losing about one-quarter of their value during the year.
March canola dropped $9.10 to $660.10, May fell $9.40 to $667.40, and November 2024 was down $6.70 at $671.20.
