Canola futures remained on the defensive on Wednesday, a day after China announced plans for anti-dumping investigation into imports of canola from Canada.
The canola market initially traded down the daily limit when news of the investigation broke on Tuesday but managed to claw back at least some of those losses by the close. However, the market continued its losing ways today. The investigation is deeply negative for canola, potentially leading to a protracted trade dispute.
Today’s Manitoba crop report estimated the overall harvest in that province at 24% complete, with 13% of the canola in the bin. Yield reports from the province’s Central region, where the canola harvest is the most advanced, range from 25 to 55 bu/acre, most in the range of 40 to 45 bu/acre.
November canola was down $11.20 at $579.70, and January lost $11.80 to $591.20.
