Canola futures suffered their fourth straight day of losses on Wednesday.
Losses in Chicago soybeans helped to pressure, as did declines in European rapeseed. On the other hand, soyoil and palm oil managed gains, along with crude oil.
Since Statistics Canada estimated 2025 Canadian canola production at a new record high of 21.803 million tonnes in its Dec. 4 crop production report, the March canola contract has now lost almost $34/tonne or 5.3%, based on the daily closing price. Lagging export demand is also undermining canola, with strong export competition also coming from Australia.
March canola dropped $2.80 to $608.90, and new-crop November was down $2.40 at $629.10.
