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Canola Fails to Hang onto Early Gains

Canola futures pulled back on Monday, after rallying to new contract highs during the overnight session.

Downward pressure came from the liquidation of the January contract as well as market concerns over the new Omicron strain of COVID-19. Losses in the Chicago soy complex and European rapeseed also weighed on values, while those for Malaysian palm oil were mixed.

The trade will get some clarity on this year’s crop production in Canada when Statistics Canada releases its next crop production report on Dec. 3. Expectations downward revisions in the production of canola and other major crops.

January canola dropped $11.50 to $1,027.40, March lost $5.80 to $998.10 and May closed down $4.30 at $959.20.

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