Canola futures closed modestly lower on Thursday, falling for the first time this week.
A lower 2024 Canadian canola production estimate from Statistics Canada on Monday helped support the market earlier this week. But ongoing harvest pressure and the China anti-dumping probe continue to overhang the market. Gains in the Canadian dollar, which is trading near a two-week high, and losses in Chicago soybeans today were also not helpful.
This afternoon’s Saskatchewan crop report showed the overall harvest in the province at 74% complete, with about half of the canola off.
November canola slipped 50 cents to $582.60, and January was down $1.30 at $594.40.
