Forex
Canola Futures Plunge to Near-Term Lows on Friday Morning
Canada's canola market experienced sharp losses on Friday morning, with ICE canola futures plummeting to the lower edge of their nearby trading range.
The November contract led the decline, dropping C$8.60 to C$820.00 per tonne in early activity. This dip below its 20-day moving average of C$827.60 per tonne marked a significant shift in market sentiment.
Weakness in outside markets contributed to the selling pressure, with Malaysian palm oil settling at two-month lows and Chicago soyoil reaching one-month lows. However, the Canadian dollar's continued decline lent support to canola by underpinning crush margins.