Canola futures extended losses on Wednesday, pressured by ongoing declines in Chicago soyoil and broad weakness across the crude oil complex. Additional weight came from improving Prairie crop conditions following recent rainfall.
Weather maps from World Weather Inc. continued to show meaningful moisture across key growing regions, particularly in previously parched parts of central and southern Alberta and through central Saskatchewan. While variability remains, soil conditions have generally improved across the western Prairies.
Crude oil futures dropped again, with August WTI slipping 34 cents to $67.11 per barrel, dragging down vegetable oil values. Soyoil was lower across the curve, compounding the bearish tone for canola.
November canola fell $15.00 to $719.50, and January lost $14.80 to $727.40.