ICE Close: Canola Begins Week in the Red

Canola futures closed weaker on Monday, undermined by strength in the Canadian dollar.

The Canadian dollar was stronger by nearly a penny at midday, amid comparable weakness in the American greenback.

Tiff Macklem will officially take over from Stephen Poloz as governor of the Bank of Canada on Wednesday, the same day the central bank will make its latest rate announcement. The bank is expected to keep its key overnight lending rate at a record-low 0.25%.

Planting activity across the Prairies was slowed somewhat by pockets of moderate to heavy rain over the weekend.

July canola fell $4 to $457.10, November lost $3.90 to $466.10 and January was $4 lower at $472.60.

Source: DePutter Publishing Ltd.

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