WINNIPEG, Manitoba--Intercontinental Exchange canola futures on Thursday gave up a good chunk of the gains made Wednesday, as comparable oils stepped back. So far this week, canola has been up one day and down the next.
Crude oil reversed course on Thursday, from tracking a little higher to posting modest declines. Chicago soybeans and soyoil fell further back while soymeal pushed higher. Declines in Malaysian palm oil and European rapeseed also spilled over into canola.
An analyst said today's session took "a breather" from canola's general upswing.
With today's losses November canola contract pulled with in C$22 of its 50-day moving average.
Saskatchewan reported its canola rated 76 per cent good to excellent.
