Canola futures ended lower on Thursday, pressured by profit taking after sharp gains the previous day and weakness in outside vegetable oil and energy markets.
Losses in Chicago soybeans and soybean oil weighed on the Canadian oilseed, while lower crude oil prices added further pressure by reducing support for biofuel-linked markets.
Crude prices fell after the U.S. refrained from attacking Iran’s energy infrastructure, easing fears of a wider disruption to oil supplies. Comments from President Donald Trump also calmed concerns about a broader escalation, as he said he did not want a return to full-scale war. That bolstered speculation that shipping flows through the Strait of Hormuz could recover.
After recent heavy rain and flooding in parts of Western Canada, forecasts are now calling for hot and dry weather into next week.
November dropped $9.70 to $774, and January fell $10.50 to $783.
