Canola futures ended sharply lower on Wednesday, pressured by broad weakness across the vegetable oil complex.
Chicago soyoil, European rapeseed and Malaysian palm oil all moved lower, pulling canola down with them, while softer soybean futures added to the negative tone. Crude oil also reversed earlier strength and settled lower.
Harvest pressure weighed on the market as well as Prairie fieldwork continued to advance. Tuesday’s Manitoba crop report showed that province’s harvest at 65% complete, up 14 points from a week earlier. Canola was reported at 74% done.
November dropped $15.50 to $810.30, and January lost $16.10 to $822.90.
