Canola futures suffered sharp losses on Thursday as Chicago soybeans and soybean oil were lower
Palm oil and European rapeseed were also lower on the day, while gains in the Canadian dollar were also negative for canola prices. On the other hand, crude oil moved higher on the rising Black Sea tensions.
The Chicago soy complex is under heavy pressure from good weather conditions for the crops in South America and the potential for record large 2024-25 soybean production there.
Technical indicators are deteriorating, with canola futures plunging out of the bottom of their recent trading range.
January canola fell $22.10 to $595, and March was down $22.40 at $608.20.
