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Canola Moves Lower with Soyoil

Canola futures closed lower on Thursday, pressured by speculative profit-taking as a downturn in Chicago Board of Trade soyoil futures weighed on values.

Soyoil had climbed to its highest levels in 10 years at one point, but ran into resistance and settled with steep losses. Canola had lagged soyoil to the upside and also lagged to the downside, which helped temper the declines in the Canadian oilseed to some extent.

Persistent concerns over hot and dry weather conditions across Western Canada were also supportive, with much of the Prairies in need of precipitation. The Canadian dollar was weaker on Thursday, providing some support for canola.

July canola was down $18.40 at $889.80, November lost $6.30 to $743.70 and January dropped $6.40 to $738.10.

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