Canola futures fell for the first time in six sessions on Monday, as early strength in crude oil faded.
The canola market opened sharply higher in overnight trading as the escalating Middle East conflict pushed crude oil prices to above $100/barrel - the highest since 2022 - providing strong support to vegetable oil markets.
However, the rally proved short-lived. As trading progressed, crude oil prices retreated from their earlier highs, removing a key source of support for the oilseed complex. The pullback in energy markets prompted profit-taking among traders, and canola turned lower.
Chicago soybean oil was lower on the day, while palm oil was mixed. European rapeseed did finish higher.
May canola dropped $4.40 to $726.40, and November lost $7.30 to $718.70.
