Canola Futures Tumble Amid Pressure from Comparable Oils

ICE Canola futures declined late Friday morning due to pressure from comparable oils. Soyoil was down hard again, and canola suffered losses in the Chicago soy complex. Crude oil's decline was tempered by Malaysian palm oil upticks and narrowly mixed European rapeseed.

An analyst noted that crude oil futures remain above US$90 per barrel, providing support to canola. However, exports declined during the week ended August 30, with 58,300 tonnes leaving Canada, down from 118,100 tonnes the previous week.

The Canadian Grain Commission reported this decline as normal for this time of year, with elevators preparing for the upcoming harvest. Once harvesting begins, the analyst expects a change in exports, predicting 'we're going to be off to a strong start in terms of exports.'