Canola futures took a beating this week largely due to China's tariff of 75.8 per cent on Canadian canola seed that took effect Thursday.
Portfolio Manager with Ventum Financial Adam Pukalo says the ICE Futures November canola contract was down about 35 dollars after the announcement.The contract closed at $660.90, up $6.40 on the day but down $8.50 on the week.
Depending on how the canola harvest goes, Pukalo could see the November contract reach as low as $600, well below the previous high of $750.
It was a similar trend this week for the September Minneapolis Wheat contract as Pukalo said it was down about 5 cents a bushel this week.It closed at $5.71 a bushel, down one cent on the day and down 6 3/4 cents on the week.
Wheat futures remain on a downward trend and it could stay that way depending on this fall's harvest.
For next week, Pukalo is watching for any new developments trade relations between the United States and China.
