ICE Close: Canola Slips Back

Canola futures were lower on Wednesday, as rain fell on parts of the eastern Prairies.

In addition to the much-needed Prairie rainfall, declines in canola were also linked to losses in the Chicago soy complex and long liquidation. Losses in European rapeseed and Malaysian palm oil added to the downside in canola.

However, canola was pulled off its lows of the day by tight old-crop stocks and the likelihood stocks will remain tight through 2021-22 as well.

July canola was down $1.80 at $864, November dropped $11 to $763.20 and January lost $10.10 to $762.50.

Source: DePutter Publishing Ltd.

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