Canola futures ended lower on Wednesday, surrendering about half of the hard-won gains made the previous two days. Rain in dry areas of the Prairies are cooling the rally.
Improving soil moisture levels in most parts of Western Canada weighed on futures. Southern Manitoba received 65 to 140 millimeters of rain Tuesday into Wednesday morning. The Prairie weather forecast calls for rain over parts of Saskatchewan and Alberta, with the system moving into northern Manitoba on Thursday.
Meanwhile, the lack of any obvious progress mending the political rift between Canada and China, traditionally Canada’s biggest export market for canola, is also hanging over the market like a dark cloud.
November canola dropped $3.00 to $445.80, January lost $2.60 to $452.90 and March was down $2.40 at $459.20.
Source: DePutter Publishing Ltd.
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