Canola futures fell back on Wednesday following gains earlier in the week.
Chicago soybeans were little changed today, while soymeal and soyoil both closed in the red.
Despite the decline today, the canola market is generally moving higher from the low made in early November. Canola remains in mostly wait-and-see mode ahead of Statistics Canada’s crop production report on Monday which is expected to show an upward revision in this year’s crop compared to the last StatsCan estimate in September.
The market is also waiting on a better indication of Brazilian soybean production prospects.
January canola fell $5.30 to $702.30, March was down $4.80 at $706.70, and May lost $4.50 to $712.50.