Weakness in crude oil and losses in the Chicago soy complex helped to send canola futures to double digit losses to begin the week.
Crude fell on easing concerns about the situation in the Middle East after rallying Friday on talk that Iran was preparing to attack Israel. Iran did launch missiles and drones, but most were intercepted, and little damage was done. Israel may still retaliate, but the country’s leadership was still weighing its options today.
Forecasts for rain in some of the drier parts of Western Canada was a bearish influence as well. On the other hand, the Canadian dollar saw sharp losses, which was supportive.
May canola was down $14.80 at $619.90, July fell $14.90 to $631.40, and November lost $11.20 to $645.80.
