After a small rebound the previous day, canola futures suffered more sharp declines on Wednesday.
Losses in the Chicago soy complex – mainly due to demand concerns amid US President Donald Trump’s expanding trade war and the lack of progress in trade talks with China – helped to send canola to losses, as did weakness in European rapeseed and palm oil. On the other side, crude oil was higher and the Canadian dollar lower.
Some scattered showers are in the forecast for the Prairies over the next week, but no widespread or lasting relief from dryness is expected.
November canola dropped $23.10 to $681, and January was down $23.20 at $689.20.
