Canola futures finished lower on Wednesday as gains in the Chicago soy complex faded.
While the soybeans ended the day mixed, soymeal was lower and soyoil pulled back from its earlier highs but remained positive. The political turmoil over the US government’s debt ceiling negotiations weighed on North American commodities, including the ICE canola futures.
Support came from upticks in European rapeseed and Malaysian palm oil. Increases in global crude oil prices also spilled over into the vegetable oils.
Agriculture Canada trimmed its estimate of 2023 canola production estimate by 100,000 tonnes from April to 18.4 million in updated supply-demand estimates released Tuesday. Ag Canada also slashed its 2023-24 canola ending stocks forecast by 43% from last month to 600,000 tonnes.
July fell $3.50 to $698.10, November dropped $4.40 to $660.60, and January was down $4.90 at $664.