Canola futures traded to both sides of unchanged on Monday, settling with small losses after hitting fresh contract highs in overnight activity.
Chart-based positioning was a feature, as a mixed tone in the Chicago soy complex did little to provide direction. Tight old-crop supplies and uncertainty over new crop production remained supportive for canola. However, those concerns have been priced into the market for some time and overbought price sentiment pressured values.
France's Strategie Grains lowered its estimate of the European rapeseed crop by 20,000 tonnes to 16.78 million. That would still be above the current official European Commission forecast of 16.5 million. Favourable conditions in Germany have reportedly offset damage from cold temperatures in France.
July canola fell $4.70 to $864, November dipped a dime to $710.10 and January was down $1.60 to $705.10.
Source: DePutter Publishing Ltd.
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