Canola futures could not hang onto gains Thursday, managing to close narrowly mixed.
The Canadian oilseed lost support when Chicago soyoil turned lower. Chicago soybeans and soymeal, plus European rapeseed and Malaysian palm oil finished the day to the downside. Declines in global crude oil prices weighed on vegetable oil values.
The US dollar was up sharply following yesterday’s interest rate hike by the Federal Reserve, with its Canadian counterpart weaker on the day.
The Canadian Grain Commission reported September canola exports at 201,400 tonnes, with Mexico as the main customer at 122,100 tonnes and China next at 65,100.
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