More Setbacks for Canola

Canola futures continued to lose ground on Monday, adding to the sharp losses incurred late last week.  

A major sell-off in the stock and equities markets fueled much of the decline, while additional pressure came from downturns in the Chicago soy complex and European rapeseed. There were slight gains in Malaysian palm, as well as global crude oil prices.   

Rain for the next few days is expected to slow any remaining spring planting on the Prairies, especially in the wetter eastern regions. 

July canola fell $16.90 to $1,087.20, November dropped $15.60 to $1,028.60 and January lost $16.40 to $1,034.10.