Canola futures closed lower for the sixth straight session on Monday, as Statistics Canada’s record production estimate remained a bearish influence.
StatsCan on Thursday pegged this year’s Canadian canola crop at a new high of 21.8 million tonnes, up from the agency’s September estimate and raising oversupply fears, especially as exports to China remain effectively blocked by a prohibitive Chinese anti-dumping duty.
Losses in the Chicago soy complex and palm were also negative for canola, although European rapeseed did close higher.
January canola fell $4.20 to $613.70, and March lost $5 to $626.10.
