Sept. 4 (Bloomberg) -- Canola futures declined for the sixth straight session, the longest slump in almost a year, on signs that farmers in Western Canada will harvest a bigger crop as yields rise.
Warm, wet weather across the Prairies in the last half of June and early July boosted prospects for crops, and yields may climb 19 percent from a year earlier, Agriculture and Agri-Food Canada said in an Aug. 13 report.
“The crop is looking pretty big,” Bobby Leavins, operations manager for Rayglen Commodities Inc., said in a telephone interview from Elrose, Saskatchewan. “Everyone is talking about a record crop.”
Canola futures for November settlement fell 1 percent to close at C$517 ($492.66) a metric ton at 1:30 p.m. on ICE Futures Exchange in Winnipeg, the longest slide since Sept. 27, 2012. Prices are down 12 percent this year.
--Editors: Thomas Galatola, Patrick McKiernan