Canola closed lower for the second day in a row on Wednesday.
Losses in palm oil, European rapeseed, and Chicago soybeans and soyoil weighed on canola during the day. Crude oil was also a bit weaker.
A weaker Canadian dollar provided some support as did ongoing market sentiment that Statistics Canada’s Dec. 5 crop production report will peg this year’s Canadian canola crop below the current estimate of just under 19 million tonnes.
Canola futures may be rolling over following the rally of late summer and fall, a pattern that closely aligns with soybean oil.
January canola fell $12.70 to $617.10, and March was down $12.10 at $630.60.
