Canola futures closed lower to end the week, with the market barely holding above the low made in August.
China’s announcement of an anti-dumping probe into imports of Canadian canola earlier this week remains a negative influence for prices, with losses in the Chicago soy complex adding pressure today.
Harvest pressure is also weighing on canola. Today’s Alberta crop report pegged the harvest of major crops in that province at 32% complete as of Tuesday, well ahead of the five- and 10-year averages. Canola was estimated at about 5% harvested.
A Statistics Canada grain stocks report will be released Monday, showing stockpiles as of July 31.
November canola dropped $18.70 to $569.20, and January lost $19 to $580.90.
