Canola futures closed lower on Monday, as steep losses in crude oil triggered broad pressure across grain and oilseed markets.
Crude fell following comments from U.S. President Donald Trump that the U.S. would hold off on strikes on Iran, and that talks aimed at easing the conflict were making progress. The talks were disputed by Iran, but Trump’s comments prompted a sharp retreat in energy markets, adding pressure to biofuel-linked markets such as canola.
Chicago soybeans and soybean oil did manage gains, but European rapeseed was lower. Strength in the Canadian dollar added further pressure to canola.
May canola dropped $7.40 to $719.10, and November fell $5.30 to $726.50.
