Rallying canola futures took a rest on Wednesday, closing lower for the first time in four sessions.
Canola fell with minor weakness in Chicago soybean oil and soybean meal futures, although soybeans did manage small gains on the day. Palm oil and European rapeseed were both higher as well. Crude oil provided no firm direction for the vegoils today.
Meanwhile, much-needed rainfall is in the forecast for portions of Western Canada beginning tomorrow. Significant rain is expected from southwestern Alberta into north-central Saskatchewan, which should help boost soil moisture levels, World Weather said today. Other areas may see some moisture as well, although the amounts will be less.
July canola fell $6 to $738.50, and November was down $3.40 to $736.40.
