Forex
ICE Canola Prices Plummet on Thursday Amid Harvest Pressure
The canola market experienced sharp declines on Thursday, influenced by the performance of Chicago soybeans and soyoil. The November contract was trading at C$808.00 per tonne, down C$15.70 from midday levels.
According to Jamie Wilton, a commodity futures specialist at RJ O'Brien, the harvest season is likely to begin soon, which could put additional pressure on prices. He linked some of the weakness in the canola market to seasonal harvest pressure.
The Canadian dollar's continued weakness also provided support for canola, with its value relative to the US dollar nearing an 18-month low. At midday, approximately 55,600 canola contracts had traded.