Canola futures closed lower Thursday, giving back all and more of the previous day’s gains.
Losses in crude oil and the Chicago soy complex weighed on canola, as did advances in the Canadian dollar. European rapeseed was lower as well.
The strike by Port of Vancouver grain terminal workers continued to overhang the canola market, as did China’s anti-dumping probe.
Meanwhile, cumulative canola exports through Sep. 22 of the 2024-25 marketing year were reported by the Canadian Grain Commission up 340% from the same period a year earlier. The strong start likely reflects front-loading due to the China probe, and now the strike.
Today’s Saskatchewan crop report showed the overall provincial harvest at 79% complete as of Monday, up just 5 points from the previous week due to rain. Canola was pegged at 56% harvested.
November canola fell $10.40 to $600.90, and January dropped $10.50 to $613.70.
