A grain market analyst says a drop in Palm oil prices of 10 to 15 percent in recent weeks has forced canola prices downward.
Errol Anderson of Pro market communications in Calgary believes it is tied to reduced demand from China.
Some analysts also feel harvest in Brazil and improved weather conditions in parts of South America prompted this weeks price drop.
For the week, P.I. Financial Commodity futures advisor Adam Pukalo says canola futures fell 32 dollars a ton and spring wheat futures were down 23 cents a bushel.
Anderson says Russia’s export tax on wheat should ensure wheat prices remain relatively strong going into spring seeding.
He adds pulse crops remain steady and there are some improving prices for livestock.
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