After a rebound the previous day, canola futures posted more losses on Wednesday.
Boosted by technical buying, canola closed higher for the first time in seven sessions on Tuesday. However, the market returned to its losing ways today, amid continued pressure from a record large 2025 Canadian canola production estimate from Statistics Canada last week.
Canola fell even as Chicago soybeans and soybean oil were higher. Palm and rapeseed were also stronger on the day. The Canadian dollar was higher, after the Bank of Canada earlier in the day left its key overnight lending rate steady at 2.25%.
January canola lost $4.50 to $615.30, and March fell $5 to $626.50.
