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Canola Bounces Back from Early Losses

Canola futures settled most highly on Thursday, with only the November contract posting a small loss at the close as prices recovered from earlier declines.

The eastern Prairies received rain yesterday, especially a strip through southern Manitoba that brought two to three inches. Outside of that, amounts were well under one inch. Meanwhile, subsoil moisture levels remain critically low throughout the region.

Declines in the Chicago soy complex put pressure on canola, as did losses in European rapeseed and Malaysian palm oil.

July canola gained $7.80 to $871.80, November was down $1.90 to $761.30 and January added 50 cents to $763.

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