Canola Prices Slide Amid Crude Oil Losses and Bearish Technical Signals

Canola prices continued their downward trend on Tuesday, July 28, as losses in crude oil and bearish technical signals weighed on values.

However, concerns over hot Prairie weather provided some support to the market. In Chicago, declining U.S. crop ratings underpinned soybeans and corn, while wheat futures were mixed.

The Western Producer Markets Desk's Phil Franz-Warkentin reported that canola continued to back away from nearby highs due to these factors.