Losses in crude oil weighed as canola futures fell for the third straight session on Monday.
Crude suffered large losses on the day amid easing geopolitical tensions in the Middle East. The US and Iran were apparently engaged in talks after the US sent warships and threatened military strikes last week if Iran did not accept a nuclear deal. Early Brazil soybean harvesting and recent rainfall for the Argentina soybean crop added to the downside, although more showers are still need for the Argentine crop.
Chicago soybeans and soyoil were both lower on the day, as was palm oil. On the other hand, weakness in the Canadian dollar was supportive for canola. Rapeseed was mixed.
The March canola contract has now backed further away from the key $650 level since settling there on Jan. 28.
March canola dropped $3 to $645, and new-crop November eased 40 cents to $656.90.
