ICE Close: Canola Down Sharply Again

Canola futures posted sharp losses for the second session in a row on Thursday as losses elsewhere spilled over to weigh on values. 

Chicago soyoil and European rapeseed futures were both softer on the day, with declines in crude oil contributing to the bearish sentiment in world vegetable oils. Speculative positioning also weighed on values, although relatively wide crush margins remained somewhat supportive on the other side. 

A storm bringing snow to much of southern Saskatchewan and Manitoba will likely cause seeding delays in the region, especially if fields are slow to dry out due to cool temperatures in the forecasts. 

In this Mesonet Weather Report, Oklahoma state climatologist Gary McManus explains how drought conditions are expanding across the state, while new rain chances may offer some relief. Get the latest Oklahoma weather outlook, drought updat