Canola futures finished lower on Wednesday, giving back a portion of the previous day’s strong gains.
Losses in Chicago soybeans and soyoil weighed on canola, even as crude oil moved higher on escalating Middle East tensions. Recent Prairie rainfall and resulting harvest delays provided some underlying support.
Today’s Manitoba crop report showed the overall provincial harvest at 28% complete as of Tuesday, up from just 11% on Aug. 31. Canola was reported at 15% done.
Statistics Canada’s stocks report was also in focus. The agency pegged July 31 canola stocks at 1.9 million tonnes, up 18.9% from a year earlier, with on-farm inventories more than doubling while commercial stocks declined. The number was broadly in line with trade expectations.
November canola fell $7 to $832.10, and January lost $7.10 to $841.20.
