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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