Canola futures remain pointed lower on Wednesday, closing with losses for the seventh straight day.
Losses in Chicago soybean oil, European rapeseed and palm oil weighed on canola values, while crude oil traded lower and then higher on the day. Seasonal harvest pressure continued to weigh on the market as well, as warmer, drier weather allowed Prairie producers to make further progress.
Manitoba Agriculture reported Tuesday that the province's canola harvest had reached 92% complete, up 6 percentage points from the previous week. Meanwhile, Agriculture Canada's October supply-demand update offered little new news, with projected 2026-27 ending stocks reduced by just 11,000 tonnes to 1.968 million.
January fell $8.40 to $785.50, and new-crop November 2027 dropped $5.30 to $774.80.
