Canola futures closed lower on Monday, pulled lower by declines in the Chicago soy complex.
Much-needed rain over the weekend in portions of Argentina weighed on soybeans and soybean oil, as did the continued negative impact of that country’s reduction in grain export taxes, which officially took effect today. Crude oil losses added to the pressure on canola.
Strength in palm oil helped to limit the declines in canola, as did a weaker Canadian dollar.
March canola fell $8 to $630.70, and November lost $4.20 to $632.80.
