Canola futures closed with steep losses on Monday, pressured by the ongoing Canadian harvest and harvest-related losses in Chicago soybeans.
Good progress is expected for the Western Canada harvest in the coming days, with the forecast for the central Prairies looking mostly dry and warm for the next 10 days. However, some rain later this week and into the weekend is expected in Manitoba and southeastern Saskatchewan. Meanwhile, mostly dry weather is also allowing the American soy harvest to advance, which helped to send soy futures to double-digit losses today.
For now, canola futures remain locked in a downtrend without bottoming signals.
November canola fell $21.90 to $742, January was down $21.80 at $750.70, and March lost $21.40 to $757.
