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Canola Pulls Back for Second Day

Canola futures ended lower on Wednesday, following a volatile session that saw wide swings up and down for some of the active months.

A trader noted there was rolling out of the May canola contracts, as well as those for Chicago corn and the soy complex.

Tight old-crop canola supplies remained a supportive influence for the market, with the likelihood of the problem continuing into 2021-22 marketing year. A Statistics Canada acreage report on Tuesday showed intended canola area increasing 3.6% this year to 21.5 million acres, but that is not expected to be enough to rebuild supplies.

However, soybean futures were lower again today, easing on improving weather in the US Midwest for planting and early crop development, and helping to weigh on canola.

May canola fell $6.90 to $895, July dropped $3.70 to $833.40 and November was down $6.70 at $687.20.

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