Good Prairie planting progress pressured canola futures on Wednesday.
The weekly Manitoba crop report, released after the close on Tuesday, estimated overall planting in that province at 85% complete, well ahead of 64% last year and 69% for the five-year average. Canola planting was reported at 76% complete, with most of that progress coming in the past week. Planting in Saskatchewan and Alberta is ahead of normal as well.
On the other hand, dryness is ramping up in parts of Western Canada, including northern and western Saskatchewan.
Losses in the Chicago soy complex weighed on canola as well, as did declines in European rapeseed. Palm oil was higher.
July canola dropped $16.30 to $715.90, and November was down $8 at $686.30.
