Canola futures ended lower on Thursday as traders took profits following the previous session’s strong gains.
The canola market had rallied alongside other grains and oilseeds on Wednesday as escalating attacks on Black Sea ports, grain handling facilities and vessels added a geopolitical risk premium to agricultural commodities.
Losses in Chicago soybeans and soybean oil added to the pressure on canola. Soybean oil was further weighed down by declining crude oil prices, which reduced support tied to vegetable oils’ use in renewable fuel production. Palm oil and European rapeseed were also lower.
Today's Saskatchewan crop report pegged the province's canola crop at 76% good to excellent as of Monday, down 3 points from two weeks earlier.
November canola dropped $8.90 to $783.50, and January was down $9.20 at $792.20.
