Canola futures ended sharply lower on Monday, extending Friday’s hefty decline.
Chicago soyoil and soybeans were under pressure, while European rapeseed and Malaysian palm oil also moved lower. Losses in crude oil added to the bearish tone. Crude oil and gasoline prices settled sharply lower on Monday on signs that crude supplies are moving through the Strait of Hormuz.
A softer Canadian dollar, after trade talks between Canada and the U.S. collapsed late Friday, provided some offsetting support.
November canola tumbled $28.50 to $770.60, and January fell $29 to $779.40.
