Canola futures ended lower on Monday, dragged down by weakness in Malaysian palm oil and continued losses in Chicago soybeans.
Soybean futures finished lower for the seventh straight day as the market continues to await news of a trade deal between the U.S. and China. With soybeans churning lower and the losses in palm oil, canola has been forced to move lower as well, to remain competitively priced.
“The shine has come off of the vegetable oil complex,” a trader said today.
Meanwhile, relations also remain strained between China and Canada, which has result in that country importing less canola from Canada.
January canola fell $4.50 to $452.10, March lost $4.40 to $461.30 and May dropped $4.30 to $469.50.
Source: DePutter Publishing Ltd.
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