Canola futures closed with losses on Wednesday, with a higher Canadian dollar helping to weigh on the market.
As was largely expected by analysts and economists, the Bank of Canada earlier today left its key overnight lending rate unchanged at 2.75% for the second straight time. That lent support to the Canadian dollar, which rose to near 8-month highs against the American greenback.
Chicago soybean oil futures and European rapeseed provided little direction for canola, while palm oil was higher on the day.
July canola fell $3.70 to $695, and November dropped $3.30 to $676.90.
