Canola futures finished lower on Wednesday, as the market volatility of the past few days continued.
Palm oil, European rapeseed and Chicago soybeans and soyoil all finished higher on the day, but canola failed to sustain its early momentum and turned lower in the latter part of the trading session.
Last week’s final Alberta crop report for the season pegged canola yields in the province below expectations and today’s Saskatchewan report did the same. The report pegged the 2024 average Saskatchewan canola yield at 32.7 bu/acre. If accurate, that would be down 0.7 bu from last year’s final Statistics Canada estimate and a major 5 bu below the 2024 model-based StatsCan projection released in September.
November canola was down $7.40 at $624.40, and January fell $7 to $640.20.
