Canola Futures Continue Downward Trend Amid Crude Oil Decline

ICE Canola futures are continuing to pull back on Friday morning due to declining crude oil prices, which is putting pressure on vegetable oils. According to an analyst, there's 'no joy in Mudville today if you're in the markets.' The November canola contract may have trouble staying above C$820 per tonne, especially with Chicago soyoil trading at 67 cents per pound.

The analyst notes that while the Chicago soy complex and Malaysian palm oil are down, European rapeseed is mixed. Weather forecasts suggest that most of the Prairies will be rain-free on Friday, but more rain is expected over the weekend in southern Manitoba and Alberta.

In other news, Statistics Canada reported a new August record for canola crush at nearly 1.24 million tonnes. Canola exports were up to 43,300 tonnes for the week ended September 20, while domestic use fell by 16.6% to 198,300 tonnes.