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About-Face for New-Crop Canola

New-crop canola futures went from losses to gains on Monday, while the old-crop July contract dropped its daily limit before recovering half of its losses.

Dry conditions across much of the Prairies remain an underlying supportive influence, with virtually no rain in the forecast this week. Further support came from increases in Chicago soybeans and soyoil, along with gains in European rapeseed. On the other hand, small declines in Chicago soymeal and Malaysian palm oil offered some pressure.

The latest monthly supply and demand reports from Agriculture Canada, released late Friday afternoon, showed no changes to the endings stocks for old- and new-crop canola. The carryovers remained at 700,000 for 2020-21 and 750,000 for 2021-22 – well down from 3.13 million a year earlier.

July canola fell $15 to $748.10, November was up $6.20 at $700.20 and January climbed $8.60 to $702.30.

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