Canola futures closed little changed to begin the week.
Crude oil and Chicago soybean gains offered support to canola, but that was offset by declines in European rapeseed, palm oil, and soybean oil.
The mid-term outlook for canola is supported by a tightening supply, with many market watchers expecting this year’s Canadian crop to fall short of Statistics Canada’s current forecast of just under 19 million tonnes. On the other hand, the short-term outlook is tied to soybeans amid the US election outcome and weather in South America.
January canola fell 90 cents to $645, and March was down 30 cents at $656.20.
