Canola futures ended lower for the first time in five sessions on Wednesday, amid declines in the Chicago soy complex.
The canola market had drawn support from last week’s Statistics Canada grain stocks report which showed national stockpiles as of Dec. 31 more than 19% below a year earlier. However, the declines in Chicago soybeans, soyoil, and soymeal futures, along with weakness in European rapeseed and some profit taking were too much to overcome today. Declines in crude oil were also negative for canola, although the Canadian dollar was lower.
March canola dropped $3.80 to $660.80, and November fell $5 to $649.40.
