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Canola Higher but then Falls Back

Canola futures ended lower on Thursday in trade that saw prices initially spike up following the release of the monthly USDA supply-demand update only to fall back into the red by the close.

The Chicago soy complex was relatively steady and provided little direction for canola by the end of the day. Support came from gains in European rapeseed, while lower Malaysian palm oil weighed on the values. Lower ICE crush margins also added pressure on canola.

Prairie temperatures are forecast to begin their climb towards 30 degrees Celsius by the weekend. Temperatures will then moderate, with some possibility of rain next week.

The weekly Saskatchewan crop report stated that 7% of the province’s total crops have been harvested. However, the report noted that no canola had yet been combined.

November canola fell $5.60 to $883.40, January was down $4.90 at $872.70 and March lost $4.30 to $858.20.

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