WINNIPEG, Manitoba--Intercontinental Exchange canola futures eased back at mid-session Thursday, in what an analyst called "a breather type of day." The analyst said technical resistance was setting in as the nearby canola contracts approached C$800 per tonne.
The November canola contract last exceeded that level on June 3, at C$802/tonne.
Some pressure was coming from slight declines in crude oil, Chicago soyoil and Malaysian palm oil. European rapeseed was down a little harder.
There's a measure of production uncertainty for the 2026-27 canola crop due to wet conditions and a recent heatwave that has created a weather premium.
The Canadian dollar bumped up late Thursday morning, with the loonie rising to 71.24 U.S. cents, compared to Wednesday's close of 71.18.
