Canola futures ended weaker on Monday, nearing the lower edge of its well-established trading range as speculative selling and spillover from outside markets weighed on values.
Losses Chicago soybeans accounted for some spillover selling in the Canadian oilseed, with European rapeseed also down on the day. However, soyoil held onto small gains at the final bell, while the Malaysian palm oil market was closed for the Lunar New Year with many other Asian markets also not trading for the holiday.
Scale-down end user demand helped temper the losses in canola, as crush margins remain wide.
March canola lost $6.20 to $806.70, May was down $6.20 to $806.40, July dropped $6.70 to $808.30, and new-crop November slipped $4.70 to $792.20.