Canola mostly lower on Thursday

Jul 30, 2021

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Canola futures were mostly weaker at Thursday's close, but off its lows for the session after uncovering some support to the downside.

Sharp strength in the Canadian dollar accounted for some selling pressure in canola. Speculative long liquidation also weighed on prices in early activity.

However, ongoing drought concerns across Western Canada, with forecasts calling for more heat and dryness over the next week, remained supportive. Gains in Chicago Board of Trade soybeans and soyoil also underpinned canola.

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