Canola futures fell for the fifth straight day on Wednesday, amid some Prairie rainfall and weakness in other vegoils.
Scattered showers and thunderstorms were reported in parts of Saskatchewan, Manitoba, and eastern Alberta yesterday and earlier today, while the far western and eastern Prairies remained dry. More rain is forecast for the northeastern production regions over the next week or so.
Chicago soybean oil did close higher today, but European rapeseed and palm oil were both lower. Gains in the Canadian dollar were also bearish for canola.
November and January canola each closed $2.50 lower at $669.70, and $681.70, respectively.
