Canola Futures Plummet Amid Declines in Soy Complex

ICE canola futures closed lower on Friday due to declines in the Chicago soy complex. This pressure came despite gains in most European rapeseed and Malaysian palm oil contracts.

The Canadian dollar was weaker, trading at 72.25 U.S. cents, compared to Thursday's close of 72.52. The markets will be closed on Monday for Labour Day.

Canadian canola exports fell to 58,300 tonnes from 118,100 the previous week, according to the Canadian Grain Commission. However, cumulative exports reached 584,800 tonnes compared to 482,300 a year ago.

The CGC also reported that domestic use of canola rose to 294,600 tonnes from 267,300 the week before. The year-to-date was nearly 1.07 million tonnes versus 893,000 this time last year.