Canola futures closed lower for the first time in eight sessions on Friday, as the rallying market took a breather.
Profit taking weighed on canola, as did weakness in European rapeseed and palm oil. Chicago soybean oil managed gains, but soybeans ended lower.
The tight old-crop supply situation remains a supportive feature for canola, with prices needing to remain high to ration supply. Monthly supply-demand estimates released by Agriculture Canada this afternoon contained no changes for old- or new-crop canola, although the price forecasts for both marketing years were increased from last month. At 1.3 million tonnes, estimated 2024-25 canola ending stocks would be a 12-year low if realized.
May canola fell $5.90 to $667.90, and November dropped $2.20 to $650.50.
