Canola futures ended lower on Wednesday, weighed down by another sharp decline in crude oil and weakness in the Chicago soybean complex.
Oil prices fell more than 4% as easing concerns about shipments through the Strait of Hormuz reduced the geopolitical risk premium, pressuring vegetable oils and biofuel-related markets. Soybeans and soybean oil were also lower, adding negative spillover for canola.
A weaker Canadian dollar provided some offsetting support by improving crush margins and making Canadian canola more competitive internationally, but it was not enough to overcome the pressure from crude oil and comparable oilseeds.
November lost $4.10 to $744.30, and January was down $3.60 at $753.30.
