Canola futures ended modestly lower on Monday, pressured by broad losses across the Chicago soy complex.
Declines in soybeans and related products weighed on oilseed values, while traders generally kept positions light ahead of several important North American crop reports due Tuesday. Forecasts calling for only limited crop stress from near-term heat in the U.S. Midwest also reduced some of the weather premium in oilseed markets.
Attention in the Canadian market was focused on Statistics Canada’s updated acreage estimates. Traders generally expect StatsCan to revise its March canola planted area estimate higher in tomorrow’s report. The prospect of a larger canola area added to supply pressure, although uncertainty surrounding final seeded acres and Prairie growing conditions helped limit the decline.
The USDA will also release an updated acreage report on Tuesday, with expectations for a larger U.S. soybean area. The grain stocks report will also be released by the USDA.
November canola slipped 60 cents to $743.90, and January was down $1.80 at $751.60.
