Canola futures ended with small losses on Monday, as the market continued to stabilize following last week’s volatile action.
Some of the pressure on the market today came from improving Prairie weather. According to World Weather, rain that began Sunday - and is expected to last into Tuesday - should bring some relief to areas from southwestern Alberta to southwestern Saskatchewan. Additional rainfall is forecast for western Alberta and the Peace River Region later this week.
Friday’s Alberta crop report showed some improvement in major crop conditions in the province, including canola.
Chicago soybeans and soymeal were also lower today, but advances in crude oil, soybean oil, palm oil and European rapeseed helped to limit the declines in canola.
November canola eased a dime to $682.60, and january lost 20 cents to $690.90.
