Weakness in the Chicago soy complex continued to overhang canola futures on Friday.
Updated supply-demand estimates from the USDA today provided no major surprises for the 2024-25 US soybean outlook, with production and ending stocks both revised lower from June due to smaller planted and harvested area estimates from the June acreage report.
Declines in European and rapeseed were bearish for canola as well.
Meanwhile, the USDA raised its estimate of 2024 Canadian canola production by 400,000 tonnes from June to 20 million. The Canadian wheat estimate was also bumped higher, with the USDA citing improved Prairie moisture.
November canola dropped $3.50 to $618.70, and January was down $3 at $628.10.