ICE Close: Canola Lags Soy Losses

Canola futures were weaker on Monday in sympathy with the much larger losses in Chicago corn and soybeans.

The U.S. grains and oilseeds were sharply lower, with limit-down losses in corn in reaction to updated acreage and production numbers from the USDA. Larger than expected corn and wheat crop estimates weighed on those markets, with soybean prices also down on the day despite more supportive supply-demand numbers.

Canola lagged its U.S. counterparts to the downside, with last week’s rally still providing some support from a technical standpoint.

Reports of frost in some areas of the Peace River region overnight were also supportive, with yields likely hurt by the cooler temperatures.

November canola fell $1.70 to $452.40, January was down $1.50 at $461.10 and March lost $1.20 to $468.50.

Source: DePutter Publishing Ltd.

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