ICE Close: Canola Ends Lower after Choppy Day

Canola futures were weaker at Friday’s close, after trading to both sides of unchanged in choppy activity. 

Losses in the Chicago soy complex accounted for some spillover selling pressure in the canola market, with solid farmer deliveries into the commercial pipeline another bearish influence. Just over 600,000 tonnes of canola were delivered into the commercial pipeline during the week ended Oct. 9, according to the latest Canadian Grain Commission report. Visible supplies increased to 1.43 million tonnes, from 1.24 million the previous week. 

However, canola remains cheap compared to other oilseeds, with wide crush margins keeping end users on the buy side. Weakness in the Canadian dollar was also supportive. 

November canola was down $8.10 at $862.30, January fell $8.60 to $869.10, and March lost $9.20 to $875.10. 

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