ICE Close: Canola Losses Continue at Midweek

Canola futures continued to lose ground on Wednesday amid harvest pressure and general weakness in vegetable oil prices.

The latest Manitoba crop report on Tuesday estimated about 78% of that province’s canola crop was in the bin, 6 points ahead of the three-year average. Meanwhile, Chicago soyoil was down by about a penny today after losing about two thirds of a cent yesterday. Losses in Malaysian palm oil also kept pressure on canola prices.

The loonie was slightly weaker on the day, which limited further losses for canola.

November canola eased $1.60 to $519.60, January lost $1.70 to $527 and March was down $1.30 at $533.90.

Source: DePutter Publishing Ltd.

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