Canola futures closed lower for the second straight day on Wednesday.
Losses in the Chicago soy complex ahead of Key USDA acreage and grain stocks due reports due for release tomorrow spilled over to weigh on canola, as did declines in palm oil.
With precipitation this month helping to ease concerns about Prairie dryness, the canola market is likely to closely watch the reaction of soybeans to tomorrow’s reports. Volatility is possible.
May canola fell $11.30 to $627.20, July was down $10.90 at $637.10, and November lost $10.30 to $645.30.
