Canola futures moved lower on Wednesday, pressured by a sharp selloff in crude oil markets and weakness across the Chicago soy complex.
Crude oil futures tumbled after comments from U.S. President Donald Trump suggested negotiations with Iran were nearing a final stage, easing concerns about potential supply disruptions in the Middle East. Lower crude oil prices weighed on the broader vegetable oil and biofuel sectors, including canola. At the same time, soybean, soymeal, and soyoil futures in Chicago all retreated as traders questioned the strength of China’s apparent commitment to increase purchases of U.S. agricultural products.
July canola dropped $7.90 to $749.20, and November fell $4.70 to $758.30.
