Canola futures closed lower on Wednesday, the first daily loss in seven consecutive trading sessions.
One analyst suggested profit taking ahead of tomorrow’s USDA supply-demand update was behind the declines.
The cold front that brought freezing temperatures with snow and rain to Alberta and Saskatchewan yesterday, moved into Manitoba today. As well, Manitoba has been forecast to get a Colorado Low that will bring more precipitation, most likely snow. Of all the Prairie provinces, Manitoba has been hardest hit with wet conditions since the beginning of September.
November canola fell $1.50 to $463.30, January lost $1.50 to $471.80 and March was down $1.40 to $480.40.
Source: DePutter Publishing Ltd.
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