Canola futures ended modestly lower Wednesday, giving up earlier gains and ending lower in late trading as traders took profits, and the market lost support from crude oil.
Canola had been higher for much of the session but turned lower late in the day as U.S. crude backed off and traders locked in gains after the recent rebound from Monday’s sharp break. Because canola is closely tied to the broader vegetable oil and energy complex, the later declines in U.S. crude undermined prices even though Brent oil remained elevated.
Chicago soybeans managed gains, but soyoil ended the day lower. European rapeseed was mixed, while palm oil was higher. The Canadian dollar was lower after the Bank of Canada announced earlier in the day it was holding its key overnight lending rate steady at 2.25%.
May was down $3.30 at $726.20, and November fell $1 to $726.30.
