Canola futures closed modestly lower on Thursday amid improved weather in portions of Western Canada.
Today’s weekly Saskatchewan crop report noted good rains throughout wide parts of the province over the weekend. The moisture, along with cooler temperatures, has offered some respite to crops stressed by dry conditions, the report said. However, it also said the rain came too late for some crops.
Other vegoils provided little direction for canola, with Chicago soybean oil and palm oil a bit higher, but European rapeseed lower.
November dropped 2.40 to $695.70, and January fell $3.20 to $705.10.
