Canola futures closed lower for the second straight day on Friday.
Buoyed by a lower 2024 production estimate from Statistics Canada last week, canola had closed higher for five straight days before profit taking sent the market to losses on Thursday.
Losses in the Chicago soy complex weighed on canola, as did weakness in palm oil.
The Canadian Grain Commission reported canola exports for the week ended De. 8 at 140,200 tonnes, down from the previous week but still 88% higher on the year. Domestic disappearance for the week was reported at 242,500 tonnes, up from a week earlier and 12% higher on the year.
Farmer selling and the weakness in soybeans remain overhanging market factors.
January canola lost $6.10 to $612.50, and new-crop November lost $3.50 to $611.60.
