WINNIPEG, Manitoba-- Intercontinental Exchange canola futures erased earlier gains on Wednesday to close lower for the fourth-straight session.
Sharp losses in Chicago soyoil dragged down the Canadian oilseed, as support from other comparable oils tried to temper further declines. Crude oil chalked up modest increases, which pushed European rapeseed a little higher. Malaysian palm oil was closed for a holiday. Chicago soybeans were stronger on talk of more buying by China.
Continued below normal temperatures have been forecast for the Prairies along with more chances for rain.
The region's crops are looking good so far following the rain received recently, an analyst said. Very hot temperatures are expected in July and August, the analyst added.
Manitoba reported spring planting overall reached 96 per cent complete as of June 16, three points behind the five-year average. Most of the province's canola is between the cotyledon to three leaf stages while seeding in the northwest was three- quarters finished.
