ICE Futures canola contracts were trading within a sideways range heading into the end of the 2024/25 (Aug/Jul) marketing year, with expectations for a tight old crop carryout providing support amid uncertainty over new crop production.
ICE futures canola contracts fell to their lowest levels in two months during the first week of August, with speculative long liquidation behind some of the selling pressure.
China has effectively shut the door on purchases of Canadian canola by announcing a preliminary anti-dumping duty of 75.8 per cent on imports of the oilseed to start on Thursday, Aug. 14.
Hard red spring wheat bids in Western Canada were weaker during the week ended Aug. 7, as a move to five-year lows in the United States futures weighed on prices.