Canola futures closed lower to start the week, although the market pared earlier losses.
With the US markets closed for Memorial Day, there was no direction from the Chicago soy complex. However, pressure on canola came from declines in European rapeseed. That pressure was tempered somewhat from small gains in Malaysian palm oil and an upswing in global crude oil prices.
Just a few scattered showers were forecast for drought-stricken southern Alberta today, while the wet eastern Prairies were expecting more rain. The uneven conditions have increased uncertainty regarding new-crop production potential, although a spate of good weather over the last number of days has aided planting progress in the eastern areas.
July canola slipped $1.60 to $1,186.20, November fell $2.80 to $1,073.40 and January lost $3.50 to $1,077.30.