Canola Futures Extend Decline Amid Weakness in Global Oilseed Markets

ICE canola futures continued their downward trend on Wednesday morning, building on Tuesday's losses.

The November contract took a hit of C$6.60 to C$817.70 per tonne in early trading, with the price falling below its 20-day moving average.

This led to speculative selling, exacerbated by losses in the Chicago soy complex and lower prices for European rapeseed and Malaysian palm oil.

A slight gain in crude oil prices offered some respite, but the Canadian dollar's weakness provided support, dipping below 71 U.S. cents for the first time since July.