Canola futures suffered hefty losses on Monday as losses in crude oil spilled over to the agricultural markets.
The weakness in crude was linked to Israel missile strikes on Iran over the weekend that spared that country’s oil infrastructure and targeted military sites instead. With crude falling, Chicago soyoil suffered losses as well, while soybeans and soymeal also ended lower on the day.
Before the losses today, canola futures had gained 5% over the past month, easily outperforming soybean oil futures (+1%) and soybeans (-11%).
November canola dropped $14.90 to $626.50, and January was down $15.20 at $639.70.
