Canola ended weaker on Monday as profit taking, and early harvest pressure outweighed gains in crude oil.
A mixed tone in Chicago soybean oil and lower European rapeseed added to the bearish tone, while Malaysian palm oil markets were closed for a holiday. A firmer Canadian dollar, rebounding from a two-week low, also weighed on canola by making Canadian supplies more expensive in export markets. Crude oil prices jumped amid renewed U.S.-Iran tensions.
Friday's Alberta crop report showed the harvest of all crops in the province at less than 6% harvested as of Aug. 25, well behind the five- and 10-year averages. The canola harvest was less than 1% complete. Most of Western Canada is expected to see a mix of rain and sunshine this week, with harvest delays likely. Quality downgrades are also possible in the wettest locations.
November canola fell $10.50 to $813.20, and January lost $9.90 to $823.30.
