Canola Weaker on Wednesday

Jan 01, 2021

Canola futures were weaker on Wednesday, walking back some of the gains made earlier in the week.

Strength in the Canadian dollar weighed in canola, even as Chicago soybeans and soyoil were higher on the day. The Argentine port strike was finally settled after 20 days, but tight global supplies and continuing dryness for soy crops in South American supported the US markets.

Declining Canadian supplies are putting a level of support under canola prices, with the market needing to ration demand.

January canola was down $8.40 at $623.80, March lost $3.10 to $617.40 and May fell $2.70 to $603.90.

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