Canola futures posted double-digit losses on Wednesday, riding the elevator down with Chicago soybean oil and crude oil.
A pullback in crude oil prices – mainly attributed to hopes the U.S. war in Iran could end within the next few weeks - reduced support for biofuel-linked markets, dampening demand expectations for feedstocks such as canola oil. At the same time, Chicago soybean oil futures declined, adding further weight to canola.
May fell $13.30 to $718.40, and November dropped $11.10 to $725.40.
