Canola futures closed lower on Wednesday amid pressure from losses in other vegetable oils.
The Chicago soy complex ended in the red and there were losses in European rapeseed and Malaysian palm oil. On the other hand, global crude oil prices were moved higher, helping veg oils come off their lows.
Some caution remained the market ahead of Statistics Canada’s first official production estimates for this year, due for release on Aug. 29. Statistics Canada is likely to place the canola crop at about 20 million tonnes, but the actual harvest is probably closer to 18.5 million, a trader said.
November canola was down $6.80 at $843.60, January fell $6.10 to $852.30, and March dropped $4.90 to $858.
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