Weakness in Chicago soybean oil and soybean futures weighed on canola Wednesday.
The steep declines in soyoil overshadowed this morning’s Statistics Canada crop production estimates. The report pegged the 2025 Canadian canola harvest at 20.028 million tonnes, up only modestly from the August projection of 19.937 million and now 4.1% above a year earlier.
Soyoil was dragged lower by the US EPA on Tuesday offering little clarity on reallocating biofuel production obligations under the Small Refinery Exemption program. European rapeseed and palm oil were both lower today as well.
The advancing Prairie harvest offered further pressure.
November dropped $12.70 to $627.30, and January lost $12.40 to $639.70.
