Canola futures closed mixed on Wednesday, with the January contract posting a modest loss while new-crop November 2027 managed a slight gain.
Weakness in Chicago soybean oil and soybeans, along with declines in Malaysian palm oil, were negative for canola prices, as was a firmer Canadian dollar after the Bank of Canada raised its benchmark interest rate by a quarter percentage point to 2.5%.
On the other hand, higher crude oil prices and gains in European rapeseed and Chicago soybean meal provided support.
Meanwhile, Statistics Canada reported today that domestic processors crushed 1.228 million tonnes of canola in September, down slightly from August but nearly 22% above the same month last year.
Manitoba reported Tuesday that its canola harvest had reached 99% complete, with yields generally ranging from below average to average.
January was down $1.60 at $785.70, and November 2027 added 50 cents to $783.20.
