Canola futures lost more ground on Thursday, as the sell-off in the market continued.
Pressure on the Canadian oilseed came from sharp losses in Chicago soybeans and soyoil, as well as European rapeseed. More modest losses in Malaysian palm oil added to the declines. Small increases in Chicago soymeal helped to temper further losses.
Good Prairie harvest conditions continued to weigh on the market. The Labour Day long weekend is expected to be mostly dry across the Prairies, with temperatures pushing into the low 30 degrees Celsius. Saskatchewan reported its province-wide harvest reached 23% complete as of Monday, up seven points on the week and near the average. The combining of canola was still in its early stages with 8% harvested.
The markets in Canada and the US will be closed on Monday for holidays.
November canola dropped $23.40 to $812, January was down $23.20 at $821, and March fell $23.70 to $827.70.
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