Canola futures ended weaker on Monday, seeing some follow-through speculative selling after last week's break below some key technical support levels.
Improving weather conditions for soybeans in South America, with some much needed rains in the forecast, were bearish for the oilseeds in general. While US markets were closed for Martin Luther King Jr. Day, European rapeseed and Malaysian palm oil futures were both lower overnight.
Canada's tight supply situation remained a supportive influence on the other side, although the need to ration demand is thought to be well priced into the market for the time being.
March canola lost $7.70 to $975.20, May was down $11.60 at $960.40 and new-crop November lost $6.70 to $793.60.
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