Canola futures sustained heavy losses on Monday amid a downdraft in crude oil.
Oil prices fell sharply following reports over the weekend the U.S. and Iran had come to an agreement in principle to end the war, with the deal also expected to reopen the Strait of Hormuz. Final approval of the accord remains uncertain, but U.S. and Brent crude futures fell on the news, with both markets now back below $100/barrel.
European rapeseed was also lower today, while palm oil was little changed. The U.S. soy complex did not trade due to the American Memorial Day holiday.
July canola lost $14 to $736.20, and November was down $13.80 at $746.60.
