Canola futures closed lower on Thursday, as weakness in crude oil and ongoing uncertainty surrounding possible U.S.-Iran peace negotiations pressured the vegetable oil complex.
Canola had rallied sharply in recent weeks alongside soaring energy markets, but easing concerns about supply disruptions through the Strait of Hormuz triggered some profit-taking across oilseed markets.
Chicago soybeans and soybean oil were also lower today, with European rapeseed and palm oil weaker as well.
Spring planting remains slow in parts of the Prairies. Tuesday’s Manitoba crop report showed overall seeding in that province at 2% complete, 6 points behind last year and 4 points behind the five-year average. Today’s Saskatchewan crop report pegged planting at 3% complete as of Monday, trailing the five- and 10-year averages of 12% and 13%, respectively.
Wet and cold conditions are slowing fieldwork in both provinces.
July canola lost $4.30 to $739.20, and November was down $2.40 at $743.20.
