Canola Contracts Plummet Amid Selloff in Chicago Soy Complex

ICE Futures canola contracts plummeted on Friday due to a selloff in the Chicago soy complex. The market experienced a wave of speculative profit-taking ahead of the weekend, with November canola dropping by C$22.10 at C$817.20 per tonne.

The United States Department of Agriculture released updated supply/demand estimates, which showed small upward revisions to U.S. soybean yields and production. This contributed to some of the selling pressure in the Chicago futures market.

Losses in crude oil were also bearish for world vegetable oil markets, although oil prices remained up significantly on the week.