Choppy Trading Sends Canola Futures Lower

Canola futures experienced a choppy day on Thursday, ultimately closing lower as the market reacted to losses in Chicago soyoil and favorable crop conditions.

The Midwestern rains that benefited soybeans and corn weighed negatively on values for canola. In contrast, increased hostilities in the Black Sea contributed to higher wheat prices.

Phil Franz-Warkentin of the Western Producer Markets Desk noted the mixed market conditions, with losses in Chicago soyoil and relatively favorable crop conditions weighing on canola values.